L&T Finance to raise Rs 600 crore from debentures, Latest Stock Price

L&T Finance to raise Rs 600 crore from debentures, Latest Stock Price




L&T Finance , financial services arm of engineering giant Larsen & Toubro , today said it plans to raise Rs 600 crore through a series of debenture issues having different interest rates to fund business expansion.

Each non-convertible debentures (NCDs) issue would be of Rs 50 crore with an option to retain over-subscription of Rs 50 crore, aggregating to Rs 100 crore, on private placement basis, L&T Finance informed the BSE.

The interest rate on proposed NCDs varies between 8.40% and 10.24%. At the same time, interest payment schedule for six different series varies.

Meanwhile, L&T Finance has reported over 25% growth in consolidated net profit at Rs 120.7 crore for the quarter ended June 2012.

During the same quarter in the previous fiscal, the company had reported a net income of Rs 96.28 crore.
 LATEST STOCK PRICE