The said NCDs have a tenor of 931 days and the redemption date for the same is 25 March 2027.

The coupon rate for the aforementioned debt instrument is 7.9918 % p.a. payable annually and on maturity.

The debentures have been secured by an exclusive and first ranking charge by way of hypothecation over identified fixed deposits of the company and/or an exclusive and first ranking charge by way of hypothecation on identified standard receivables (hypothecated assets) of the issuer, to the extent that the principal amount of such hypothecated assets (or amount in case of fixed deposits) is equivalent to 1 time of the principal amount and coupon outstanding.

In case of default in payment of coupon rate and/or principal redemption on the due dates, additional interest of at 2% per annum over the coupon rate shall be payable by the company for the defaulting period.

L&T Finance offers financing for two-wheelers, consumer goods, homes, farm equipment, women entrepreneurs, rural groups, real estate, and infrastructure. It provides financing for small and medium enterprises through term loans and overdraft facilities.

The company had reported 29.11% increase in consolidated net profit to Rs 685.51 crore on 12.08% rise in total income to Rs 3,784.61 crore in Q1 FY25 over Q1 FY24.

The scrip fell 2.99% to currently trade at Rs 165.40 on the BSE.