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Let’s have a detailed review of the company and analytics of the L&T Finance Limited NCD release date, NCD issue size, subscription, L&T Finance NCD allotment and other details like the company’s background, its financial positions, its promoters and other related things.

L&T Finance Limited NCD – March 2019 Detail

Credit Rating[ICRA] AAA (stable) by ICRA, CARE AAA / Stable by CARE and IND AAA / Stable by India Ratings
Issue OpenMarch 6, 2019
Issue CloseMarch 20, 2019
Issue Size (Base)Rs. 50,000 lakhs
Issue Size (Shelf)Rs. 1,50,000 lakhs
Issue PriceRs 1000 per NCD
Face ValueRs 1000 each NCD
Minimum Lot size10 NCD
Market Lot1 NCD
Listing AtBSE,NSE
Tenor37 months/ 60 months/ 120 months
SeriesSeries I to Series VI
Payment FrequencyMonthly and Annual
Basis of Allotment

L&T Finance Limited NCD – Basis of the Offer Price

Security NameSecured, Non-Convertible Debentures and Unsecured NCDs
Security TypeSecured, Non-Convertible Debentures and Unsecured NCDs
Coupon payment frequencyMonthly and Annual
Coupon typeFixed
Tenor37 months/ 60 months/ 120 months
DepositoryNSDL and CDSL
DisbursementSEBI Debt Regulations
Debenture TrusteeCatalyst Trusteeship Limited

L&T Finance Limited NCD Dates

The opening and the closing date of L&T Finance Limited NCD is March 6, 2018 to March 20, 2019.

L&T Finance Limited NCD Subscription

Day / DateQIB Category 1NII Category 2HNI Category 3RII Category 4Total Subscription
1st – 10th Day : till 19th Sept
10th – 20th Day : till
20th – 30th Day : till
Shares Offered or Net Issue

The shares subscribed by the public will be updated here.

L&T Finance Limited NCD Allotment Status

Here, you can find the Allotment Status of this NCD.

L&T Finance Limited NCD Share Offering

Issue of 5,22,000 Equity Shares of face value of Rs.10/- each for cash at a price of Rs. [ ] per Equity Share (including a share premium of Rs.[ ] per Equity share) aggregating Rs. [ ] lakhs.

L&T Finance Limited NCD Allocation Ratio

NCD Allocation Ratio
CategoryNCD’s Allocated
QIB – Category 120%
NII – Category 220%
HNI – Category 330%
RII – Category 430%

L&T Finance Limited NCD Offered

NCD’s Offered
CategoryNCD’s Reserved
QIB – Category 130,00,000
NII – Category 230,00,000
HNI – Category 345,00,000
RII – Category 445,00,000
Total NCD’s1,50,00,000

L&T Finance Limited NCD Coupon Rates

Frequency of Interest PaymentAnnualNAAnnualMonthlyAnnualMonthly
Minimum Application₹10,000 (10 NCDs) across all Series
Face Value₹ 1,000
In Multiples of thereafter₹ 1,000/- (1 NCD)
Tenor37 months37
Coupon  (%  per annum) for Category I & II9.00%NA9.10%8.75%9.20%8.84%
Coupon  (%  per annum) for Category III & IV9.10%NA9.25%8.89%9.35%8.98%
Effective  Yield (%  per annum) for Category I &II9.00%9.00%9.09%9.10%9.19%9.20%
Effective  Yield (%  per annum) for Category III
& IV
Mode of Interest PaymentThrough various mode available
Amount (Rs / NCD) on Maturity for  Category I & II₹1,000₹1,304.93₹1,000₹1,000₹1,000₹1,000
Amount (Rs / NCD) on Maturity for Category III
& IV
₹ 1,000₹1,308.64₹1,000₹1,000₹1,000₹1,000
Put and Call OptionNANANANANANA

L&T Finance Limited NCD Issue Object

These are the NCD Issue Objects of the company

  • For the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the Company; and
  • General corporate purposes

L&T Finance Limited – Company Overview

They are one of the leading private non-banking financial services companies in India in terms of total loans outstanding, as of December 31, 2018. The Promoter is registered with the RBI as aNon-Banking Finance Company –Core Investment Company (“NBFC-CIC”) conducting business through its wholly-owned subsidiaries.

The Company is a part of the larger L&T group which is one of the leading business conglomerates in India, with presence across infrastructure, power, heavy engineering, electrical and automation, hydrocarbons, IT and technology services, financial services, project development, metallurgical and material handling, realty, shipbuilding, construction equipment, machinery and industrial products sectors.

Their rural business comprises of farm equipment finance, two-wheeler finance, and microloans. Their wholesale business initially comprised of infrastructure finance, supply chain finance and structured corporate finance. Their housing business comprises of loans against property and real estate finance.

Their operations are spread throughout India and they have 223 branches in 218cities across 21 states and 3 union territories, as of December 31, 2018. Each of their businesses are led by senior executives who are, generally, also responsible for certain organizational functions at the group level. Together, they have demonstrated the ability to manage and grow their operations.

L&T Finance Limited NCD Lead Managers

Lead Managers
A. K. Capital Services Limited

Axis Bank Limited

Edelweiss Financial Services Limited

Trust Investment Advisors Private Limited

L&T Finance Limited NCD Debenture Trustee

Debenture Trustee

GDA House, First floor, Plot No. 85,
S.No. 94 & 95, Bhusari Colony (Right),
Kothrud, Pune–411038
Tel:+91(020)2528 0081
Fax:+ 91(020)25280275
Investor Grievance Email:grievance@ctltrustee.com
Contact Person:Ms.Rakhi Kulkarni
SEBI Registration No.:IND000000034

L&T Finance Limited NCD Registrar to offer

Registrar to the Offer
C-101 1st Floor 247 Park
LBS Marg, Vikhroli (West)
Mumbai 400083, Maharashtra, India
Tel:+91 22 4918 6200
Fax:+91 224918 6195
Investor Grievance mail:ncd.ltfin2019@linkintime.co.in
Website: www.linkintime.co.in
Contact Person:Mr. Shanti Gopalkrishnan
Registration Number:INR000004058

L&T Finance Limited NCD Ratings

The NCDs proposed to be issued under this Issue have been rated ‘[ICRA] AAA (stable)’ for an amount of ₹ 5,00,000 lakhs, by ICRA Limited vide their letter dated December 21, 2018 revalidated by revalidation letter dated February 1, 2019, CARE AAA / Stable for an amount of ₹ 5,00,000 lakhs, by CARE Ratings Ltd. vide their letter dated December 28, 2018 revalidated by revalidation letter dated January 31, 2019 and IND AAA / Stable for an amount of ₹ 5,00,000 lakhs, by India Ratings and Research Private Limited vide their letter dated December 31, 2018revalidated by revalidation letter dated January 31, 2019.

The rating of NCDs by ICRA, CARE and India Ratings indicate that instruments with this rating are considered to have highest degree of safety regarding timely servicing of financial obligations and carry lowest credit risk.

L&T Finance Limited NCD News

News 1 – Download RHP Prospectus

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