L&T moves Bombay HC to secure provident funds exposure to YES Bank

Infra giant has Rs 100 crore of exposure to bank's AT-1 bonds

The infrastructure giant Larsen & Toubro (L&T), along with L&T officers and Supervisory Staff Provident Fund have moved Bombay High Court (HC) to get relief on their troubled exposures to additional tier-I (AT-1) bonds of YES Bank.

According to industry estimates, L&T has Rs 100 crore of exposure to YES Bank's AT-1 bonds, whereas the staff provident fund has Rs 25 crore of exposure to the bonds. L&T's 2019 annual report shows that firm had exposure to '9% perpetual' of YES Bank. The AT-1 bonds are also called perpetual bonds, as there is no fixed maturity date.

The matter is