L&T Finance raises Rs 2,228 crore through public issue of bonds

L&T Finance said Thursday it has raised Rs 2,228 crore through a public issue of bonds. The company announced early closure of the public issue following oversubscription of the tranche I issue.

"The company raised a total of Rs 2,228.06 crore worth of subscriptions which is 4.45 times of the base issue size (Rs 500 crore). HNIs and retail investors participation in the tranche 1 issue led to an oversubscription of 6.64 times and 6.68 times in respective categories as on the early closure date of March 7, 2019," the company said. This non-convertible debentures issue is a step in the company's overall strategic intent of building a retail liability franchise, and will further add to the diversity of the borrowing mix in the already diversified liability profile, it said.