L&T Finance declares fund raise not exceeding ₹1.01 lakh crore via NCD. Details here

The board of directors of L&T Finance on Monday considered and approved the proposal for fundraising to the tune of 1.01 lakh crore. The company board gave its approval for the raising of funds not exceeding the above-mentioned figure through the issuance of nonconvertible debentures (NCDs) in one or more tranches. The company informed the Indian stock market exchanges about the development in an exchange filing.

L&T Finance fundraising details

Informing Indian exchanges about the fundraising move, L&T Finance said, “Pursuant to Regulations 30 and 51, read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other regulations, if applicable, and further to our letter dated March 11, 2024, we hereby inform the exchanges that 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 do not exceed an aggregate amount of Rs. 1,01,000 crores, as per the sub-limits approved by the Board, and within the overall borrowing limits approved by the Members.”

Impact on L&T share price

L&T share price today opened upside at 150 a piece and went on to touch an intraday high of 151.60 a piece on NSE during early morning deals. However, the financial stock failed to sustain at the intraday high once the sentiment of the Indian stock market turned bearish. After the profit-booking trigger in L&T Finance shares, the stock made an intraday low of 146.50 per share and since then it has been trading in the red zone in the intraday session.

L&T share price has been under the base building mode after climbing to a new 52-week high of 179 on 4th March 2024. The stock has shed nearly 18 percent from its 52-week high in just two weeks. However, it is still one of those Indian stocks that have delivered a whopping return in one year. In this time, the financial stock has risen from nearly 84.50 to 148 apiece levels, logging around 75 percent rise in one year time.

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Published: 19 Mar 2024, 03:24 PM IST

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