Insurance sector regulator Irda today allowed L&T Infra Debt Ltd to issue Rs 500 crore debt instrument to be included as investment in infrastructure.
L&T Infra Debt had applied to the Insurance Regulatory and Development Authority (Irda) seeking approval for the issue of Rs 500 crore secured, redeemable and non-convertible debentures to be reckoned for investment in infrastructure.
"The Authority (Irda) reviewed the applications received and decided that the investments by Insurers in the above issue can be reckoned as investment in Infrastructure sector," Irda said in a circular today.
As per the existing norms, investment in infrastructure debt fund, on a case to case basis, can be reckoned for investments in infrastructure.
The categorisation of the above investments is based on the rating of the instrument from time to time.
