L&T Finance Holdings to Raise ₹1.01 Lakh Crore via NCDs

On Monday, the Board of Directors of L&T Finance Holdings Ltd agreed to raise up to ₹1.01 lakh crore via Non-Convertible Debentures(NCDs) in one or more tranches.

Details of the Fundraising

On March 18, 2024, L&T Finance Holdings Ltd stated in an exchange filing that the company’s board approved raising funds not aggregating up to ₹1,01,000 crore.

Regarding the same, the company’s filing stated, “The Board of Directors of the Company at its Meeting held on March 18, 2024, has, inter alia, approved the raising of funds by issuance of non-convertible debentures (including subordinated-debt, masala bonds and perpetual debt) (NCDs) from time to time, in one or more tranches, such that at any point of time the NCDs issued and outstanding does not exceed an aggregate amount of ₹1,01,000 crores, as per the

sub-limits approved by the Board, and within the overall borrowing limits approved by the Members.”

On Tuesday, March 19, 2024, the share price of L&T Finance Holdings opened at ₹150.00 and touched its day’s high at ₹151.60 as of 3:28 PM on the NSE.

In the third quarter of the financial year 2023-24, L&T Finance Holdings reported a net profit of ₹635.66 crore, which is approximately 49.92% higher as compared to ₹423.83 crore in the third quarter of the financial year 2022-23. The total income of the company during September – December 2023 was ₹3,533.38 crore.

In December 2023, the non-banking financial firm L&T Finance Holdings successfully completed the merger of its subsidiaries, L&T Finance, L&T Mutual Fund Trustee and L&T Infra Credit with itself.

About L&T Finance Holdings

L&T Finance Holdings Ltd is a Non-Banking Financial Company (NBFC). They provide a wide range of financial products and services, such as two-wheeler finance, farm equipment finance, micro-loans, home loans, consumer loans, loans against property (LAP), real estate finance, infra finance and more.

L&T Finance Holdings Ltd is registered with the Reserve Bank of India (RBI) as a Systemically Important Non-Deposit Accepting Core Investment Company (NBFC-CIC).

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