L&T Finance Limited NCD

L&T Finance Ltd is coming up with the 1st tranche of public issue of secured, redeemable non-convertible debentures of face value of Rs 1,000 each for an amount of Rs 500 Crore (“Base Issue Size”) with an option to retain oversubscription up to Rs 1000 Crore (totaling Rs.1,500 Crore) within the Shelf limit of Rs. 5,000 Crore.

The issue will open for subscription from December 16, 2019 to December 30, 2019 (The Issue shall remain open for subscription during the period indicated above except that the Issue may close on such earlier date or extended date as may be decided by an Authorised personnel authorized by the Board of Directors of the Company ("Board"). The company will be paying an interest ranging between 8.25% and 8.65 % p.a. on these bonds.

The NCDs proposed to be issued under this Issue have been rated “CRISIL AAA/Stable”, CARE AAA and IND AAA / Stable”. Instruments with this rating are considered to have highest degree of safety regarding timely servicing of financial obligations. Such instruments carry very lowest credit risk.

Issue Details

  
 Issuer  L&T Finance Limited ( View Report )
 Issue Size  Public issue of secured, redeemable non-convertible debentures of face value of Rs 1,000 each for an amount of Rs 500 Crore (“Base Issue Size”) with an option to retain oversubscription up to Rs 1000 Crore (totaling Rs.1,500 Crore) within the Shelf limit of Rs. 5,000 Crore.
 Issue opens  Monday , December 16, 2019
 Issue closes  Monday, December 30, 2019
 Allotment

 First Come First Serve Basis, Compulsory in demat form
 Face Value

 Rs 1000 per NCD
 Issue Price  Rs 1000 per NCD
 Nature of Instrument  Secured Redeemable Non-Convertible Debenture
 Minimum Application  Rs 10,000 (10 NCDs) collectively across all Series and in multiple of Rs 1,000 (1 NCD) thereafter across all Series
 Rating  “CRISIL AAA/Stable” by CRISIL Limited, CARE AAA / Stable by CARE Ratings Ltd. (“CARE”) and IND AAA y India Ratings and Research Private Limited (“India Ratings”)
 Security and Asset Cover  The principal amount of the Secured NCDs to be issued in terms of this Tranche 1 Prospectus together with all interest due on the NCDs in respect thereof shall be secured by way of exclusive and/or pari passu charge in favour of the Debenture Trustee on specific present and/or future receivables/assets of the Company as may be decided mutually by L&T Finance and the Debenture Trustee. L&T Finance will create appropriate security in favour of the Debenture Trustee for the Secured NCD Holders on the assets adequate to ensure 100% asset cover for the Secured NCDs (along with the interest due thereon).
 
 

SPECIFIC TERMS FOR EACH SERIES OF NCDs
 
 Series  I  II  III IV* V  VI 
 Frequency of Interest Payment Annual NA Monthly Annual Monthly Annual
 Tenor 36 Months 36 Months 36 Months 60 Months 60 Months 84 Months
 Coupon (% per annum) for NCD Holders in Category I and II 8.25% NA  7.96% 8.45% 8.15% 8.50%
 Coupon (% per annum) for NCD Holders in Category III and IV 8.45% NA 8.15% 8.60% 8.29% 8.65%
 Effective Yield (% per annum) for NCD holders in Category I & II 8.24% 8.25% 8.25% 8.44% 8.45% 8.49%
 Effective Yield (% per annum) for NCD holders in Category III & IV 8.44% 8.45% 8.45% 8.59% 8.60% 8.64%
 Call and Put Option NA
 Amount (Rs / NCD) on Maturity for NCD Holders in Category I & II Rs 1,000 Rs 1268.76 Rs 1,000 Rs 1,000 Rs 1,525.27 Rs 1,000
 Amount (Rs / NCD) on Maturity for NCD Holders in Category III & IV Rs 1,000  Rs 1275.81 Rs 1,000  Rs 1,000  Rs 1,539.36  Rs 1,000 
 Minimum Application Rs 10,000 (10 NCDs) across all Series collectively
 In Multiples of thereafter Rs 1,000 (1 NCD)
 Face Value / Issue Price (Rs Per NCD) Rs 1,000
 Mode of Interest Payment Through various options available
 *L&T Finance would allot the Series IV NCDs, to all valid Applications, wherein the Applicants have not indicated their choice of the relevant Series of NCDs.


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