Chennai: L&T Finance Limited has announced the early closure of its public issue of secured NCDs as the issue was oversubscribed on day one of opening of tranche 2 Issue on 8 April.
The Company raised a total of Rs 3,238.48 crore worth of subscriptions which is 6.48 times of the base issue size (Rs 500 crore). All categories of the base issue size were over-subscribed i.e. institutional, non-institutional, HNIs and Retail investors’ participation in the tranche 2 issue led to an oversubscription of 5.33 times, 2.23 times, 8.86 times and 5.82 times in respective categories as on the early closure date of 9 April.
The second tranche of the issue included a base issue size for an amount of Rs 500 crore with an option to retain oversubscription up to Rs 500 crore aggregating up to Rs 1,000 crore. These NCDs have been rated [ICRA] AAA (stable), CARE AAA / Stable and IND AAA / Stable.