L&T Finance raises Rs 500 crore with 7.794% senior secured NCD
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L&T Finance raised Rs 500 crore through a senior secured NCD issue at a 7.794% annual coupon, maturing on 27 June 2031 and listed on NSE’s NTRP.
- Issue size: 50,000 NCDs at Rs 1 lakh each, with a green‑shoe option for an extra Rs 350 crore (35,000 NCDs).
- Coupon: Fixed 7.794% per year, payable annually starting 27 June 2026 (payment on 29 June 2026).
- Security: First‑ranking charge over identified fixed deposits and standard receivables, providing a strong cushion for investors.
- Purpose & impact: Proceeds boost liquidity for loan‑book growth, refinancing or acquisitions; the cost of capital is modest for a secured, long‑dated instrument, though leverage will rise.
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