L&T Finance Limited Announces Early Closure of its Public Issue of Secured NCDs

Tranche I Issue oversubscribed*

MUMBAI, Dec. 18, 2019 /PRNewswire/ -- L&T Finance Limited (a wholly owned subsidiary of L&T Finance Holdings Limited) has announced the early closure of its public issue of secured NCDs. The Tranche I Issue, which opened on December 16, 2019, has been oversubscribed and has received subscription amounting to Rs.1,503.35 crore which is 3.01 times of the base issue size (Rs. 500 crore). The HNI and Retail Category are oversubscribed by 4.18 times and 3.04 times respectively of the Base Issue Size of Tranche I Issue. *The Tranche I Issue has been oversubscribed based on subscription figures available on the electronic platform of BSE & NSE as on December 17, 2019. For detailed terms & conditions please refer to Shelf Prospectus and Tranche I Prospectus both dated December 9, 2019. Allotment in the public issue of debt securities should be made on the basis of date of upload of each application into the electronic book of the stock exchange. However, on the date of oversubscription, the allotments should be made to the applicants on proportionate basis.

The Tranche I issue included a base issue size for an amount of Rs. 500 crore with an option to retain oversubscription up to Rs. 1,000 crore aggregating up to Rs.1,500 crore. These NCDs have been rated CRISIL AAA (stable), CARE AAA (Stable) and IND AAA (Stable) by CRISIL Limited, CARE and India Ratings, respectively.

This NCD Issue is a step in the company's overall strategic intent of building a retail liability franchise.

Pursuant to the Tranche I Prospectus dated December 9, 2019, the Tranche I Issue opened on Monday, December 16, 2019 and was scheduled to close on Monday, December 30, 2019, with an option for early closure or extension by such period as may be decided by the authorised signatory(ies) as authorised by the Board of Directors of the Company pursuant to the resolution dated July 19, 2019 ('Authorised Personnel'). The Company has exercised the option of early closure and the Authorized Personnel of the Company has vide letter dated Monday, December 16, 2019 decided to close the Issue on Tuesday, December 17, 2019.

About L&T Finance Holdings (Promoter) :

L&T Finance Holdings (LTFH) was incorporated and registered in India under the Indian Companies Act, 1956 on May 01, 2008 as L&T Capital Holdings Limited. The name of the Promoter was changed to L&T Finance Holdings Limited on September 6, 2010. The equity shares of LTFH is currently listed on BSE and NSE. The Company is engaged in non-banking financial services and its primary businesses include infrastructure, housing, rural and investment management. LTFH is registered with the RBI as a Non-Banking Financial Company - Core Investment Company ("NBFC-CIC") conducting business through wholly-owned subsidiaries.

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Disclaimer:

Allotment in the public issue of debt securities shall be made on the basis of date of upload of each application into the electronic book of the stock exchanges. However, on the date of oversubscription, the allotments should be made to the applicants on proportionate basis. For further details refer section titled 'Issue Related Information' on page 53 of the Tranche I Prospectus dated December 9, 2019.

DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in anyway be deemed or construed that the Prospectus has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the Prospectus for the full text of the Disclaimer Clause of the BSE.

DISCLAIMER CLAUSE OF USE OF BSE ELECTRONIC PLATFORM: It is to be distinctly understood that the permission given by the BSE to use their network and software of the online system should not in any way be deemed or construed as compliance with various statutory requirements approved by the Exchange; not does it in any manner warrant, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements; nor does it take any responsibility for the financial or other soundness of this Company, its promoters, its management or any scheme or project of this Company.

DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the Disclaimer Clause of the NSE.

DISCLAIMER CLAUSE OF USE OF NSE ELECTRONIC PLATFORM: It is to be distinctly understood that the permission given by the NSE to use their network and Online Platform for facilitating applications for public issue of NCDs shall not in any way be deemed or construed as compliance with various statutory and other requirements by the Company; LMs are cleared or approved by NSE; nor does it warrant, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements; nor does it take any responsibility for the financial or other soundness of the Issuer, its promoters, its management or any scheme or projects of the Issuer.

DISCLAIMER CLAUSE OF INDIA RATINGS: All credit ratings assigned by India Ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.indiaratings.co.in/rating-definitions. In addition, rating definitions and the terms of use of such ratings are available on the agency's public website www.indiaratings.co.in. Published ratings, criteria, and methodologies are available from this site at all times. India Ratings' code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the code of conduct section of this site

DISCLAIMER CLAUSE OF CARE: CARE Ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell, or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating/outlook assigned by CARE is based on the capital deployed by the partners/ proprietor and the financial strength of the firm, at present. The rating/outlook may undergo change in case of withdrawal of capital or unsecured loans brought in by the partners/ proprietors in addition to the financial performance and other relevant factors.

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DISCLAIMER: L&T Finance Limited, subject to market conditions and other considerations is proposing a public issue of secured and/or unsecured, redeemable non-convertible debentures and has filed the Shelf Prospectus and Tranche I Prospectus both dated December 9, 2019 with the Registrar of Companies, West Bengal at Kolkata, National Stock Exchange of India Limited, BSE Limited and SEBI. The Shelf Prospectus and Tranche I Prospectus both dated December 9, 2019 are available on our website www.ltfs.com, on the website of the stock exchanges www.nseindia.com, www.bseindia.com, on the website of SEBI- www.sebi.gov.in and the respective web sites of the lead managers at www.edelweissfin.com, www.akgroup.co.in, www.jmfl.com and www.trustgroup.in. Investors proposing to participate in the Issue, should invest only on the basis of the information contained in the Shelf Prospectus and Tranche I Prospectus both dated Decembers 9, 2019. The unsecured, redeemable, non-convertible debentures shall be eligible for Tier II capital. Investors should note that investment in NCDs involves a high degree of risks and for details relating to the same, please refer to Shelf Prospectus dated December 9, 2019, including the section on 'Risk Factors' beginning on Page 20 of the Shelf Prospectus dated December 9, 2019.

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