L&T Finance raises Rs. 2,228 crore via bonds

L&T Finance has raised Rs. 2,228.06 crore worth of subscriptions which is 4.45 times the base issue size of Rs. 500 crore. The company announced an early closure of the public issue due to over-subscription of the tranche I issue.

HNI and retail participation in the issue resulted in an over-subscription of 6.64 times and 6.68 times, respectively. The company has a strategic intent of building a retail liability franchise and this non-convertible debenture issue further diversifies the borrowing mix.

L&T Finance reported a consolidated total income from operations of Rs. 3,244 crore in the quarter ended December 2018, up 23.34 per cent YoY as against Rs. 2630.17 crore in the corresponding quarter last year. The company’s net profit stood at Rs. 580.96 crore in the quarter ended December as against Rs. 384.46 crore YoY, registering a growth of 51.11 per cent. The net profit margin improved to 14.6 per cent as against 12.49 per cent.

On Friday, L&T Finance was trading at Rs. 142.65 per share, up 1.46 per cent on the BSE.