L&T Finance to raise Rs 1,000 cr via NCD

MUMBAI: Engineering major Larsen & Toubro said one of its group firm, L&T Finance, will raise funds up to Rs 1,000 crore by issuing non-convertible debentures to public.

L&T Finance, promoted by the company, along with L&T Capital Holdings would offer 50 lakh secured non-convertible debentures (NCD) at Rs 1,000, totaling to Rs 500 crore with an option to raise an additional Rs 500 crore if the subscription is over subscribed, Larsen & Toubro said in a filing to the Bombay Stock Exchange.

The NCD issue with various investment option and yield on redemption of up to 10.5 per cent opens for subscription for public tomorrow and would close on September 4, 2009, it said.

It is proposed to be listed for trade on National Stock Exchange, the filing added.

Shares of Larsen & Toubro were trading at Rs 1,424 on the BSE, down 4.19 per cent from previous close.