After a gap of three years, infrastructure major Larsen & Toubro Ltd plans is planning to hit the market with a Rs 2,000 crore bond issue on March 27. These bonds will mature in five years and one month, as per the company’s term sheet, and will offer a fixed coupon rate of 7.725 percent.
According to the Prime database, the last time the company raised funds from the bond market was on May 5, 2020, through four-year bonds. The company had raised Rs 1,450 crore through bonds.
Also read: India seeks data on state-bank bond portfolios amid global banking turmoil: Sources
For the current issue, bidding for the bonds will take place on March 27, between 10:30 am and 11:30 am.
Meanwhile, the pay-in date and deemed date of allotment for bonds is on March 28.
The company will utilise these funds for the repayment/prepayment/refinance of existing indebtedness: a minimum of 80 percent, and other bona fide purposes in the normal course of business of the Company/Issuer: up to 20 percent, the term sheet said.
The company has appointed ICICI Bank as an arranger and IDBI Trusteeship Services Ltd as Debenture Trustee for the issue.
The Debentures are proposed to be listed on the Wholesale Debt Market Segment (WDM) of the NSE.
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