L&T Finance has proposed a public issue of 2010 A series debentures comprising 2,500,000 secured redeemable Non-Convertible Debentures (NCD) with a face value of Rs 1,000 each, aggregating Rs 250 crore.
There is an option to retain oversubscription upto Rs 250 crore for issuance of additional 2,500,000 NCDs aggregating to a total of Rs 500 crore.
The issue opens on February 9, 2010 and closes on Feb 22 and includes various investment options. Yield on redemption is upto 8.58 per cent (per annum).
The face value of Rs 1,000 per NCD and tradable lot size of 1 NCD, G K Shettigar, the firm's Vice-President Finance told the reporters here today.
Thirty per cent of the issue is reserved for retail categories, 40 for NIIs (Non Institutional Investors) and 30 per cent for QIBs (Qualified Instituional Buyers), he said.
The NCDs have been rated "CARE AA+" by CARE and "LAA+" by ICRA. The NCDs are proposed to be listed on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited, he said.
There are two investment options: a yield of 8.58 per cent for 36 months (semi-annual basis) and 8.50 per cent for 36 months (annual basis).
The lead managers to the isue are JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited and Kotak Mahindra Capital Company Limited.
"There is every possibility of L&T Finance coming up with another public issue in 2010", Sunit K Maheshwari, Chief Executive L&T Infrastructure Finance Co said.
The net profit of the firm, promoted by L & T Limited and L&T Capital Holdings Limited in FY 09 was Rs 3,482 crore on an income of Rs 35,064 crore, he said.
