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L&T Finance To Issue CRPS To Raise Up To Rs 100 Crore
L&T Finance Holdings on Wednesday said it will raise up to Rs 100 crore by issuing compulsorily redeemable securities on private placement basis.
In a regulatory filing, the company said that its committee of directors has approved an offer for issuing up to 1 crore cumulative compulsorily redeemable non-convertible preference shares (CRPS) to raise up to Rs 100 crore.
The CRPS will carry dividend of 7.95 percent per annum, payable annually, L&T Finance said. The tenure of these securities will be 3 years and 6 months.
"In the event of a default in the payment of the dividend/principal on the due date, an additional dividend amount will be payable at the rate of 2 percent per annum over the dividend rate by the company for the defaulting period," it added.
Shares of L&T Finance Holdings Ltd closed 1.72 percent higher at Rs 133 apiece on Wednesday on NSE.
