Page 2 - L&t Finance

It is better to be careful with cash on hand, says L&T's S N Subrahmanyan

The company's business is broadly divided into three baskets - engineering, procurement and construction (EPC) projects, manufacturing and defence, and services

Budget depicts a fine balance between stimulus and reforms: L&T Finance CEO

A reduction in personal income taxes for middle and lower middle classes is strongly positive for demand revival

L&T Finance raises Rs 300 cr through non-convertible preference shares

L&T Finance Holdings has issued non-convertible preference shares on a private placement basis to raise up to Rs 300 crore. The company has issued up to 30,000,000 cumulative compulsorily redeemable non-convertible preference shares of Rs 100 face value aggregating up to Rs 300 crore on a private placement basis, L&T Finance Holdings said in a regulatory filing on Wednesday. The preference shares carry dividend rate of 7.50 per cent per annum payable annually. Stock of the company closed at Rs 116.25 on BSE, down 1.73 per cent from previous close.

L&T Finance raises Rs 15.03 bn in early closure of public issue of bonds

L&T Finance Ltd on Tuesday announced early closure of its public issue of secured non-convertible debentures (NCDs), garnering subscription of Rs 1,503.35 crore. L&T Finance, a wholly-owned subsidiary of L&T Finance Holdings, said tranche-I issue, which opened on December 16, has been oversubscribed and has received subscription amounting to Rs 1,503.35 crore. The subscription is 3.01 times of the base issue size of Rs 500 crore. High net worth individual (HNI) and retail categories are oversubscribed by 4.18 times and 3.04 times, respectively, of the base issue. These NCDs have been rated CRISIL AAA (stable), CARE AAA (stable) and IND AAA (stable) by Crisil Ltd, Care and India Ratings, respectively. "This NCD issue is a step in the company's overall strategic intent of building a retail liability franchise," L&T Finance said.

L&T Finance launches Rs 1,500-cr NCD issue for restructuring of debt

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 on Wednesday. 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 percent per annum. "The proceeds from the issue will be utilized for onward lending, financing, refinancing our existing debt and for general corporate purposes," the company said. The bonds, bearing a fixed rate of interest, are being offered under six different series and four categories of investors -- institutional investors, non- institutional investors, high net-worth individuals and retail individual investors. The issue opens on December 16 and closes on 30 and will be listed on the BSE and NSE. Lead ...

RIL, ICICI Bank and L&T Finance among big names rolling out FASTag

The most obvious beneficiary of this roll-out will be manufacturers of FASTags, or the Radio Frequency Identification chips

From ACC to L&T Finance, mid-cap shares may be in line for a comeback

India's economy is forecast to slow further to 6 per cent growth this year, following a deceleration in 2018, according to economists surveyed by Bloomberg

L&T Finance transfers 9.9% CG Power stake, valued Rs 87.5 cr, to itself

The shares were transferred from Vistra ITCL, which was earlier acting as the trustee for L&T Finance stake in CG Power

L&T Finance Holding Q2 net profit down 69% at Rs 174 cr; stock ends flat

Total income during the second quarter of 2019-20 increased to Rs 3,711.85 crore

L&T Finance reports 2% growth in net profit at Rs 549 crore in Q1

In the June quarter of FY19, L&T Finance booked a net profit of Rs 538 crore

Street cheers L&T Finance's clean-up act; net interest income up 51%

Net interest income up 51 per cent, net profit rises 71 per cent in first quarter

L&T Finance Q3FY18 consolidated net profit up 42% to Rs 3.84 billion

Company to continue consolidating subsidiaries and scaling down wholesale lending

Citigroup sells L&T Finance shares worth Rs 637 cr

Citigroup today offloaded more than 3.5 crore shares of L&T Finance Holdings, financial services arm of the engineering major L&T, for a little over Rs 637 crore through an open market transaction. However, the buyer (s) of the shares could not be ascertained immediately. According to bulk deal data available with the NSE, Citigroup Global Markets Mauritius Pvt Ltd sold a total of 3,51,03,103 shares, amounting to 1.92 per cent stake, of L&T Finance. The scrips were offloaded on an average price of Rs 181.51, valuing the transaction at Rs 637.15 crore. As of September quarter, Citigroup held over 10.04 crore shares or 5.51 per cent stake in the company. In a separate bulk deal on the exchange, Gaja Capital and GPE India together sold over 8.1 lakh shares of staffing firm Teamlease for about Rs 153 crore. Meanwhile, T Rowe Price International and International Discovery Fund purchased over 8.36 lakh shares of Temalease at Rs 1,885 apiece translating into a ...

Tough calls deliver big payoff at L&T Finance

In an industry where it is tough to trim business verticals, L&T Finance Holdings is as an example of having taken the bold decisions. Until a year or so back, the company was reckoned as an 'all-in-one' financier. From there, it has axed more than half of its verticals, thus reducing its operations from 22 business verticals to just three major segments, thereby letting go of lending to commercial vehicles, construction equipment, cars, leases, small and medium enterprises and so on. This business reengineering was done with the objective of improving its return on equity (ROE) and the company has set a target of 20 per cent by FY20. Trimming operations is already yielding the desired results. The company's ROE has improved from nine per cent at the start of the exercise in FY16 to 13 per cent in December'16 quarter (Q3). Operations are also structured towards this objective. For example, the rural financing segment focuses on farm equipment loans, two-wheeler loans and micro ...

L&T Finance promotes Dinanath Dubhashi as Managing Director

Prior to joining LTFS, Dubhashi was associated with organisations such as BNP Paribas, CARE Ratings and SBI Caps

L&T Finance Q1 net rises 8% at Rs 207 cr

Total income has increased to Rs 2,031 crore for quarter

L&T Finance may sell stake in MF business

Firm begins evaluation process, might exit from MF biz

L&T Finance: Wholesale lending drive growth

Shifting focus from project finance, L&T Finance has re-jigged business towards lower gestation sectors like renewable energy and roads

L&T Finance-IDBI deal prospects slim

Regulators may not approve a potential merger, say analysts