The L&T Finance board has approved raising up to Rs 1.01 lakh crore through NCDs.
“The board of directors has approved raising funds by issuing non-convertible debentures (including subordinated bonds, masala bonds and perpetual bonds) in one or more tranches from time to time. “The aggregate amount shall not exceed Rs 10.10 billion,” the company said in the filing. .
L&T Finance is a leading NBFC offering a wide range of financial products and services under the L&T Finance brand. The Mumbai-based company has been rated ‘AAA’, the highest credit rating for an NBFC, by four major rating agencies.
The company is focused on creating a digitally enabled, best-in-class retail banking company as part of its Lakshya 2026 plan. The goal is to create a fintech at scale by shifting the emphasis from product-centric to customer-centric and building a strong retail portfolio with high-quality assets.
Large-scale fintech is one of the pillars of the company’s strategic roadmap, Lakshya 2026. The company has a database of over 2.2 billion customers, which it leverages for cross-selling, upselling and identifying new customers.
Over the past few years, L&T Group has aggressively expanded its diversified retail banking business to continuously reduce its dependence on wholesale lending business, which grew at a CAGR of 24% in FY18-23. Powerful, well-capitalized financial institutions. We have a strong position in the fields of farm equipment finance, two-wheeler finance, and microcredit. In terms of soundness, L&T Finance recently reported a 41% increase in net profit in the third quarter, driven by strong retail loan growth and high commission income. It remained stable. Net profit for the quarter was ₹64 billion, up from ₹45.4 billion in the year-ago period.
The company recorded its highest quarterly retail spend at Rs 14,531 crore, up 25 per cent year-on-year, driven by a 31 per cent rise in its retail book at Rs 74,759 crore.
On Monday, the company’s share price closed 1,76 per cent lower at Rs 148.25 on the NSE.
