New Delhi: Non-banking lender L&T Finance is raising up to Rs 1,500 crore through a bond sale, the proceeds of which will be used for on-lending and refinancing of existing debt. The base size of the issue is Rs 500 crore, with an option to retain over-subscription of up to Rs 1,000 crore, the company said.
This is the first tranche, the company is offering three NCD issues with 36 months, 60 months and 84 months tenors offering coupon rate of 8.25-8.65% per annum.
"The proceeds from the issue will be utilized for onward lending, financing, refinancing our existing debt and or general corporate purposes," it said.
