LTF

MUMBAI, Feb 12 (Reuters) - India's L&T Finance has accepted bids worth 3.60 billion rupees ($41.44 million) for bonds maturing in five years and two months, three bankers said on Wednesday.

L&T Finance will pay an annual coupon of 7.80% on this issue and had invited commitment bids for the same earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 12:

* Size includes base plus greenshoe for some issues

($1 = 86.8700 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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MUMBAI, Feb 11 (Reuters) - India's L&T Finance plans to raise 5 billion rupees ($57.6 million), including a greenshoe option of 2.50 billion rupees, through the sale of bonds maturing in five years and two months years, three bankers said on Tuesday.

L&T Finance will pay an annual coupon of 7.80% on this issue and has invited commitment bids for the same on Wednesday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Feb. 11:

*Size includes base plus greenshoe for some issues

($1 = 86.8800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra
Editing by Sumana Nandy)

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Feb 5 (Reuters) - L&T Finance Ltd LTFL.NS:

• RECEIVES PENALTY ORDER OF 1.12 BILLION RUPEES

• PENALTY ORDER ALLEGES L&T FINANCE RAISED INVOICES WITHOUT RENDERING SERVICES

Source text: ID:nBSE7wMx0p

Further company coverage: LTFL.NS

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Jan 20 (Reuters) - L&T Finance Ltd LTFL.NS:

• L&T FINANCE LTD DEC-QUARTER CONSOL NET PROFIT 6.26 BILLION RUPEES

• L&T FINANCE LTD DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 40.98 BILLION RUPEES

Source text: [ID:]

Further company coverage: LTFL.NS

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Jan 3 (Reuters) - L&T Finance Ltd LTFL.NS:

• L&T FINANCE LTD - RETAILISATION OF PORTFOLIO ESTIMATED AT 97% AS AT END OF Q3FY25

• L&T FINANCE - RETAIL DISBURSEMENTS FOR Q3FY25 GREW ABOUT 4% Y-O-Y

Source text: ID:nBSE3GHLjS

Further company coverage: LTFL.NS

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MUMBAI, Dec 13 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 5 billion rupees ($58.92 million) for bonds maturing in three years, three bankers said on Friday.

L&T Finance will pay an annual coupon of 7.75% and had invited bids for the issue on Thursday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 13:

* Size includes base plus greenshoe for some issues

($1 = 84.8550 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by)

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MUMBAI, Dec 10 (Reuters) - India's L&T Finance LTFL.NS plans to raise 5 billion rupees ($58.93 million) through the sale of bonds maturing in three years, three bankers said on Tuesday.

L&T Finance will pay an annual coupon of 7.75% and has invited bids for the issue on Thursday, they said.

The company did not immediately reply to a Reuters email seeking comment.


Here is the list of deals reported so far on Dec. 10:

*Size includes base plus greenshoe for some issues

($1 = 84.8475 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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** Shares of non-bank lender L&T Finance LTFL.NS close down 7.14% at 146.55 rupees, in worst session since March 6

** Stock down 12% in two sessions since narrowly missing Q2 profit estimates post market hours on Friday

** HSBC cuts target price to 180 rupees from 195 rupees, citing likely disruption in LTFL's assets under management and earnings growth due to headwinds in microfinance space

** Citi says stress rising for LTFL due to deterioration in microfinance segment, says December quarter results will also be modest

** Morgan Stanley cuts earnings estimates for FY 2025-2027 citing rise in credit costs and likely drop in AUM

** Avg rating of analysts weakens marginally, though remaining in "buy" range; median PT falls to 200 rupees from 214.50 rupees - LSEG data

** LTFL shares down 11.2% in 2024 so far, compared to mid-cap index .NIFMDCP100 which is up 21.6%

(Reporting by Bharath Rajeswaran in Bengaluru)

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MUMBAI, Sept 13 (Reuters) - India's L&T Finance has accepted bids worth 10 billion rupees ($119.16 million) for bonds maturing in 10 years, three bankers said on Friday.

It will pay an annual coupon of 7.90% to the investors, and had invited coupon and commitment bids for the issue on Thursday, they said.

Here is the list of deals reported so far on Sept. 13:

* Size includes base plus greenshoe for some issues

($1 = 83.9210 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

** Shares of L&T Finance LTFL.NS climb as much as 3% to 189.95 rupees before erasing gains

** NBFC reported 29% YoY climb in Q1 consol net profit, led by higher net interest income which rose 23% YoY

** NIM also improved to 11.08% from 9.64%

** Execution on retail loans continues to be good; asset quality forecast is key for assessing sustainability, says Morgan Stanley

** At least four analysts raised PT on "Buy" rated stock since results, median PT at 209 rupees vs 195 rupees last month - LSEG data

** Stock up ~12% YTD, set for third straight annual gain

(Reporting by Kashish Tandon in Bengaluru)

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July 16 (Reuters) - L&T Finance Ltd LTFL.NS:

• JUNE-QUARTER CONSOL NET PROFIT 6.86 BILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 37.84 BILLION RUPEES

Further company coverage: LTFL.NS

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** Shares of L&T Finance LTFL.NS rise 2.2% to 192 rupees

** The financial services provider said in its Q1 update that retail disbursements and retail loan book grew 33% and 31%, respectively, in Q1

** Adds, retailisation of portfolio, which makes investment funds more accessible to individual retail investors, is estimated at about 95% at end of Q1, up from 82% a year earlier

** Sixteen analysts covering the stock on avg have a "buy" rating; median PT is 200 rupees - LSEG data

** Stock up 15% so far this year vs a 12.2% gain in the benchmark Nifty 50 index .NSEI

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of L&T Finance LTFL.NS up ~4% at 182.91 rupees

** Parent Larsen and Toubro LART.NS and Morgan Stanley together bought 2.6% stake in the NBFC, after PE firm Bain Capital's exit, per exchange data

** Stock on track for third straight session of gains

** Trading volume more than thrice its 30-day moving avg

** Mean rating of 14 analysts is "buy"; median PT is 195 rupees - LSEG data

** LTFL up ~11% YTD, set for its third straight annual gain

(Reporting by Kashish Tandon in Bengaluru)

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June 13 (Reuters) - L&T Finance Ltd LTFL.NS:

• AGREEMENT TO ACQUIRE SHARES BY BAIN CAPITAL AND RIGHTS OF BAIN CAPITAL IN CO, STANDS TERMINATED

• ON JUNE 13, 2024, BAIN CAPITAL HAS SOLD ITS ENTIRE STAKE HOLDING IN THE COMPANY

• INVESTMENT AGREEMENT IS TERMINATED DUE TO REDUCTION OF AGGREGATE OWNERSHIP BY BAIN CAPITAL IN CO

Further company coverage: LTFL.NS

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April 29 (Reuters) - L&T Finance Ltd LTFL.NS:

• L&T FINANCE LTD -GETS TAX ORDER LEVYING PENALTY OF 1.2 MILLION RUPEES

Source text for Eikon: ID:nBSE7M1c0K

Further company coverage: LTFL.NS

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April 19 (Reuters) - L&T Finance Ltd LTFH.NS:

• GOT TWO TAX ORDERS IMPOSING PENALTY OF 381,206 RUPEES AND 7.6 MILLION RUPEES

Source text for Eikon: ID:nNSE7bCKN5

Further company coverage: LTFH.NS

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** Shares of L&T Finance LTFH.NS rose as much as 2.9% before trimming some gains, last up 1.2% to 172.2 rupees

** Co says its Q4 retail disbursements were up 33% Y/Y

** Stock on track to climb in fourth straight session if trend holds; it gained 7.5% over three earlier sessions

** Analysts' avg rating on stock is "buy"; median PT is 190 rupees - LSEG data

** Stock up 8.8% so far this week, on track for best week since the week ended June 16, 2023

(Reporting by Varun Vyas in Bengaluru)

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April 3 (Reuters) - L&T Finance Ltd LTFH.NS:

• RETAIL DISBURSEMENTS FOR Q4FY24 UP ABOUT 33% ON A Y-O-Y BASIS

• RETAILISATION OF THE PORTFOLIO IS ESTIMATED AT ABOUT 94% AS AT END OF Q4FY24

• RETAIL LOAN BOOK AT END OF Q4FY24 IS ESTIMATED AT 800.10 BLN RUPEES, UP 31% ON Y/Y BASIS

Further company coverage: LTFH.NS

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March 18 (Reuters) - L&T Finance Holdings Ltd LTFH.NS:

• APPROVED RAISING OF FUNDS SUCH THAT NCDS ISSUED AND OUTSTANDING DOES NOT EXCEED 1.01 TRLN RUPEES

• APPROVED RAISING OF FUNDS

Further company coverage: LTFH.NS

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March 12 (Reuters) - L&T Finance Holdings Ltd LTFH.NS:

• L&T FINANCE HOLDINGS- SIGNS FINANCING PACT WITH JAPAN INTERNATIONAL COOPERATION AGENCY FOR USD 125 MILLION

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March 11 (Reuters) - L&T Finance Holdings Ltd LTFH.NS:

• L&T FINANCE HOLDINGS LTD - TO CONSIDER PROPOSAL OF RAISING OF FUNDS

• L&T FINANCE HOLDINGS LTD - TO CONSIDER RAISING OF FUNDS BY ISSUANCE OF DEBT SECURITIES INCLUDING NON-CONVERTIBLE DEBENTURES

Source text for Eikon: ID:nBSEF3xdy

Further company coverage: LTFH.NS

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Jan 23 (Reuters) - L&T Finance Holdings Ltd LTFH.NS:

• DINANATH DUBHASHI RESIGNS AS MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER

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MUMBAI, Jan 16 (Reuters) - India's National Bank for Agriculture and Rural Development (NABARD) plans to raise up to 50 billion rupees ($602.6 million), including a greenshoe of 30 billion rupees, through a reissue of 7.80%, March 2027 bonds, three bankers said on Tuesday.

The state-run company has invited bids from investors and bankers on Thursday.

Earlier this month, NABARD raised 49.90 billion rupees via bonds maturing in three years and two months at a coupon of 7.80%.

Here is the list of deals reported so far on Jan. 16:

*Size includes base plus greenshoe for some issues

($1 = 82.9680 Indian rupees)

(Reporting by Bhakti Tambe)

(([email protected]))

Jan 4 (Reuters) - L&T Finance Holdings Ltd LTFH.NS:

• RETAIL DISBURSEMENTS FOR Q3 GREW ABOUT 25% ON A Y-O-Y BASIS

• RETAIL DISBURSEMENTS FOR Q3FY24 GROWTH OF ABOUT 25% ON A Y-O-Y BASIS

• ESTIMATED RETAIL LOAN BOOK AT END OF Q3FY24 , UP ABOUT 31% Y/Y

Source text for Eikon: ID:nBSE6CqcRd

Further company coverage: LTFH.NS

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L&T Finance Holdings Ltd LTFH.NS:

• L&T FINANCE HOLDINGS LTD- DEPARTMENT OF GST IMPOSED PENALTY OF 24.9 MILLION RUPEES

Source text for Eikon: ID:nBSE5qZbPc

Further company coverage: LTFH.NS

MUMBAI, Dec 28 (Reuters) - India's L&T Finance Holdings LTFH.NS plans to raise up to 5 billion rupees ($60.05 million) through the sale of bonds maturing in three years, three bankers said on Thursday.

It has invited coupon and commitment bids for the issue on Wednesday, they said.

Here is the list of deals reported so far on Dec. 28:

*Size includes base plus greenshoe for some issues

($1 = 83.2600 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Sonia Cheema)

(([email protected]))

MUMBAI, Dec 4 (Reuters) - India's L&T Finance Holdings LTFH.NS has completed the merger of three of its subsidiaries - L&T Finance, L&T Infra Credit and L&T Mutual Fund Trustee - with itself, the company said on Monday.

With this, all the lending businesses will be housed under the single equity-listed operating entity of L&T Finance Holdings, the company said in a press release.

The respective boards of the companies had approved the merger in January this year.

The merger, effective Monday, has received the requisite approvals from shareholders, creditors, the Reserve Bank of India, National Company Law Tribunal, Securities and Exchange Board of India and stock exchanges, the company said.

(Reporting by Siddhi Nayak; Editing by Sohini Goswami)

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By Siddhi Nayak and Dharamraj Dhutia

MUMBAI, Nov 20 (Reuters) - Indian non-banking finance companies (NBFCs), including Bajaj Finance, L&T Finance and SBI Cards and Payment Services, are likely to tap the bond market to raise funds following the central bank's tighter rules for personal loans, six banking sources told Reuters.

The rules, which raise the capital that banks need to set aside for personal loans directly and indirectly via NBFCs, will mean that bank borrowings for NBFCs are set to become more expensive, pushing lenders to tap the bond market.

Bank borrowing costs for these lenders are set to rise 25-30 basis points (bps), which will make bond market borrowings relatively cheaper, said an official at a mid-sized NBFC.

The official and the sources did not want to be identified as they are not authorised to speak to the media.

Bajaj Finance, SBI Cards, and L&T Finance did not respond to a Reuters' email seeking comment.

"The NBFCs which were heavily reliant on bank borrowings will now will have to raise funds from the capital markets," said Umesh Revankar, executive vice chairman at Shriram Finance.

The company will look to raise 50 billion rupees through retail deposits, external commercial borrowings, and capital markets for the rest of the fiscal year, Revankar said.

Refinitiv AAA-rated NBFC bond yields are between 7.75%-7.95% for two-year to five-year papers, while the three-year marginal cost of lending rates for top banks is in the 8.75%-9.25% range.

The gap in the cost of funds via banks and bond markets will widen further now.

The momentum of bank lending to NBFCs, other than those that lend to segments identified as priority sectors for lending, is likely to moderate, ratings agency CareEdge said in a note, adding highly-rated NBFCs will move towards the capital markets.

Banks' credit exposure to NBFCs stood at 14.2 trillion rupees in September, a 26.3% year-on-year growth, compared to overall bank credit in India, which grew about 15% over the past year.

NBFCs will look at options to raise funds at the most affordable rates, while keeping some portion of their borrowings with banks, said Sumit Bali, group executive and head - retail lending at Axis Bank.

With higher borrowings from NBFCs, rates on such bond market borrowings may also move up by at least 10 bps, especially for entities reliant on unsecured lending, said Raju Sharma, head - fixed income at IDBI Mutual Fund.

($1 = 83.2440 Indian rupees)

(Reporting by Siddhi Nayak and Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))

Oct 20 (Reuters) - L&T Finance Holdings Ltd LTFH.NS:

• INDIA'S L&T FINANCE HOLDINGS SEPT-QUARTER CONSOL NET PROFIT 5.95 BILLION RUPEES VERSUS PROFIT 4.06 BILLION RUPEES

• L&T FINANCE HOLDINGS SEPT-QUARTER CONSOL INTEREST INCOME 31.69 BILLION RUPEES VERSUS 30.86 BILLION RUPEES

Source text for Eikon: ID:nBSE1nkVrD

Further company coverage: LTFH.NS

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BENGALURU, Sept 12 (Reuters) - Investment firm Bain Capital sold more than half its stake in non-banking financial company L&T Finance Holdings LTFH.NS in two block deals, data from BSE India exchange showed on Tuesday.

BC Asia Growth Investments and BC Investments Vi, units of U.S.-based Bain, offloaded about 70 million shares for 130 rupees apiece, a marginal discount to L&T Finance's closing price on Monday.

Data from BSE India also showed that financial services firm BNP Paribas bought about 36.4 million shares in L&T Finance in a single block deal.

Shares of L&T Finance were down nearly 3% on Tuesday, the biggest drop in nearly three weeks. They were up about 45% so far this year.

There will be a 90-day lock-in period for Bain Capital from selling further stake in L&T Finance after the block deal, Indian broadcaster CNBC-TV18 reported earlier in the day, citing sources.

In July, Bain Capital had entered an agreement to acquire a 90% stake in billionaire Gautam Adani-owned Adani Capital and Adani Housing.

The private equity firm is also in talks to buy a 10% stake in snack food maker Haldiram's, Reuters reported last week.

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Shinjini Ganguli)

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