India’s L&T Finance committee OKs up to Rs. 5 billion of debentures

By Sarah Lizee

Olympia, Wash., Dec. 11 – L&T Finance Holdings Ltd. notified the Bombay Stock Exchange that the committee of directors approved an issue of up to Rs. 5 billion secured redeemable nonconvertible debentures.

The debentures would carry a Rs. 10 billion greenshoe.

The committee approved a shelf prospectus in connection with an issue of secured redeemable nonconvertible debentures and/or unsecured subordinated redeemable non-convertible debentures eligible for tier 2 capital, with a shelf limit of Rs. 50 billion.

The issuer is a Mumbai-based finance company and a subsidiary of Larsen & Toubro Ltd.

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