New Delhi, Aug 19 (PTI) L&T Finance Holdings will raise up to Rs 200 crore by issuing bonds, offering 8 per cent interest to investors.

"The Committee of Directors of the company today i.e., August 19, 2020, through a resolution passed...approved the offer and issuance of up to 2,000 unsecured, redeemable, non-convertible debentures (NCDs) aggregating to nominal amount of up to Rs 200 crore on a private placement basis," L&T Finance Holdings said in a regulatory filing.

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The bonds will carry coupon/interest rate of 8 per cent per annum payable annually.

The NCDs, with a tenure of 1,095 days, will be allotted on August 28, 2020, it said.

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NCDs will be redeemed at par on Monday, August 28, 2023.

In the event of default in payment of interest and/or principal on the due dates, an additional interest of 2 per cent per annum over the coupon rate will be payable by the company for the defaulting period, the company added.

Shares of L&T Finance on Wednesday closed almost flat at Rs 67.15 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)