L&T Financial Services to raise Rs 200 crore via NCDs

Mumbai (Maharashtra) [India], August 19 (ANI): L&T Financial Services is seeking to raise Rs 200 crore by way of non-convertible debentures (NCDs) to boost its capital buffer as the coronavirus-battered economy is set to go into its first annual contraction in four decades.
The company said its committee of directors on Wednesday approved the offer and issuance of up to 2,000 unsecured and redeemable NCDs of face value of Rs 10 lakh at par aggregating to nominal amount of up to Rs 200 crore on a private placement basis.
The coupon or interest rate of 8 per cent per annum will be payable annually. The NCDs will be listed on National Stock Exchange (NSE) of India.
The date of allotment will be August 28, 2020 and date of redemption August 28, 2023.
"In the event of default in payment of interest and/or principal on due dates, an additional interest of 2 per cent per annum over coupon rate will be payable by the company for defaulting period," it said in regulatory filings. (ANI)