LnT Tax saving bonds closing on Dec 24, 2011

While IDFC Long Term Infrastructure bonds are closing on 16 Dec'2011, LnT bonds are opened as well on 24 Nov'2011. Details are as follow:

Company Profile:

L & T Infrastructure Finance Company Limited, a 100% subsidiary of Larsen & Toubro Limited, was incorporated in 2006, and is registered with the RBI as a systemically important non deposit taking NBFC and classified as an IFC. The company’s business comprises the provision of financial products and services for customers engaged in infrastructure development, construction and operations & maintenance with a focus on the power, roads, telecommunications, oil and gas and ports sectors in India. The company is registered with the RBI as an Infrastructure Finance Company, or “IFC”, which allows it to optimize its capital structure by diversifying its borrowings and accessing long-term funding resources, thereby expanding its financing operations while maintaining its competitive cost of funds.

Issue highlights (Tranche I):
Face value: Rs. 1,000
Minimum Application: 5 Tranche 1 Bonds and in multiple of 1 Tranche 1 Bond thereafter.
Lock-in Period: 5 years from the deemed date of allotment.
Maturity: 10 years from the Deemed Date of Allotment.

Issue summary:
Issue opens: November 25, 2011. 
Issue closes: December 24, 2011.
Registrar: Sharepro Services (India) Private Limited.
Debenture Trustees: Bank of Maharashtra.
Lead Managers: ICICI Securities, JM Financial & Karvy Investor Services Ltd.
Co-Lead Managers: Bajaj Capital Ltd, RR Investor, SMC Capital, Integrated Enterprises

Credit rating: AA+

Issue details:

Tranche 1 Bond Series	1	2
Frequency of Interest payment	Annual	Cumulative
Face Value per Bond	Rs. 1,000/-	Rs. 1,000/-
Lock in Period	5 years from the deemed date of allotment
Buyback Facility	YES
Buyback Amount	Rs. 1,000/- at the end of 5 years/Rs. 1,000/- at the end of 7 years	Rs. 1,538.62/- at the end of 5 years/ Rs. 1,828.04/- at the end of 7 years
Buyback Intimation Period	The period commencing from 6 months preceding the relevant Buyback Date and Ending 3 months prior to such Buyback Date.
Interest Rate	9.00% p.a.	9.00% p.a. compounded annually
Maturity Date	10 years from the Deemed Date of Allotment	10 years from the Deemed Date of Allotment
Maturity Amount	Rs. 1,000/-	Rs. 2,367.36/-
Yield on Maturity	9.00%	9.00% compounded annually
Yield on Buyback	9.00%	9.00% compounded annually