Larsen & Toubro (L&T) is a technology-driven USD 8.5 billion company that infuses engineering with imagination. The company has informed the market(BSE) that the financial services arm of L&T (L&T Finance Ltd) has made plans to raise up to Rs 500 croreS this month through non- convertible debentures (NCDs), or debt instruments that cannot be converted into equities.The maturity period of these NCD’s is 36 months.
To start with it will first raise Rs 250 crores as 25 lakh secured non-convertible debentures with a maturity period of three years at Rs 1000 each, totaling 250 crores and if the same is oversubscribed it will raise the additional Rs 250 crores.The non-convertible debentures (NCDs) will carry an interest rate of 8.40% per Annam while the annualized yield will work out to 8.58%. The issue opens today 10th Feb 2010 and will be closed on 22nd February 2010.
Share’s Data :
BSE Code : 500510
NSE Code : LTEQ
Mkt. Cap: Rs 84859 Crores
Face Value : Rs 2
Last dividend : 525% in May 2009
52 Week H/L : Rs 1800.00 / 557.00
Larsen & Toubro Ltd. (L&T) share’s CMP is Rs 1449.85 on 10th Feb 2010