L&T Finance : Monitoring Agency Report

ASHOAK

VARMA

AXB/CO/IFB-TS/20-21/23

April 27, 2021

REPORT OF THE MONITORING AGENCY

STATEMENT OF UTILISATION OF ISSUE PROCEEDS

Name of the Issuer: L&T Finance Holdings Ltd

For quarter ended: March 31, 2021

Name of the monitoring agency: Axis Bank Limited

1. Deviation from the objects: There is no deviation as regards the utilization of funds from the objects stated in the Letter of Offer.

Utilization different from Objects stated in the offer document but in line with change of objects approved by shareholders' resolution; or

Utilization neither in line with Objects stated in the offer document nor approved by shareholders' resolution:

In case of no deviation, the fact would be stated.

1. Range of Deviation*: Not Applicable

Indicate the range of percentage deviation from the amount of issue proceeds earmarked for the objects. For example, up to 10%, 10- 25%, 25-50%,50-75%,75-100%, not ascertainable etc.

• Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes.

Signature:

Name of the Authorized Person/Signing Authority: Designation of Authorized person/Signing Authority: Seal of the Monitoring Agency

Date: April 27, 2021

Mr. Ashok Verma Authorized Signatory

Digitally signed by

ASHOAK VARMA Date: 2021.04.29 10:17:40 +05'30'

Corporate Office :

Axis Bank Limited, 'Axis House', C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

1)	Issuer Details:
	Name of the issuer	:	L&T Finance Holding Ltd
	The names of the promoters of the issuer	:	Larsen And Toubro Limited.
	Industry / sector to which it belongs	:	Financial Services
2)	Issue Details:
	Issue period	:	Feb 01, 2021 to Feb 15, 2021
	Type of issue (rights)	:	Rights Issue
	Type of specified	:	Equity Shares
	Grading	:	Not Applicable
	Issue size (₹ in Crore)	:	2,998.61

1. Details of the arrangement made to ensure the monitoring of issue proceeds:
   (Give item by item description for all the objects stated in offer document separately in following format)

Particulars	Reply	Comments of the
			Independent Chartered
			Accountant
Whether all the utilisation is as per disclosure in the	Yes/	No	Yes
Offer Document?
Whether shareholders' approval is obtained in case	Yes/ No	Not Applicable
of material deviations# from expenditures disclosed	/ NA
in the Offer Document?
Whether means of finance for disclosed objects of	Yes/	No	No
the Issue has changed?
Any major deviation(s) observed over the earlier	Yes/	No	No
monitoring agency reports?
Whether all government/ statutory approvals related	Yes/	No	Yes
to the object(s) have been obtained?
Whether all arrangements pertaining to technical	Yes/	No	Yes
assistance/collaboration are in operation?
Any favorable events improving object(s) viability?	Yes/	No	NA
Any unfavourable events affecting object(s)	Yes/	No	NA
viability?
Any other relevant information that may materially	Yes/ No	NA
affect decision making of the investors?

#Where material deviation may be defined to mean:

1. Deviation in the objects or purposes for which the funds have been raised
2. Deviation in the amount of fund actually utilized by more than 10% of the amount projected in the offer documents.

1. Details of object(s) to be monitored:
2. 1. Cost of object(s)-
      (Give item by item description for all the objects stated in offer document separately in following format)

S.		Item		Original	Revised	Comments of
No		Head		Cost (as per	Cost	the Independent
					Offer Document)		Chartered
					(₹ in Crore)		Accountant
1.	Repayment	of	certain	commercial	1150.00	No change	None
	papers issued by our Company
2.	Infusion of funds in our Subsidiary,	600.00	No change	None
	for repayment of certain commercial
	papers issued by such Subsidiary.
3.	Redemption	of	preference shares	500.00	No change	None
	issued by our Company.
4.	General	Corporate	Purposes	748.61	No change	None
	(including Issue related expenses)
	Total				2998.61

1. Progress in the object(s)-
   (Give item by item description for all the objects stated in offer document separately in following format)

(₹ in Crore)

S.

Item Head*

Amount as

Amount utilized

Total

Comments of

No.

proposed in

As at

During

At the

unutilized

the

Offer

beginning

the

end of

amount

Independent

Document

of the

quarter

the

Chartered

quarter

quarter

Accountant

1.

Repayment

of

1150.00

0.00

1000

0.00

150.00

Will

be

certain

utilised as

per

Commercial

proposed

Paper

schedule

2.

Infusion of

funds

600.00

0.00

600

0.00

0

None

in subsidiary

for

repayment

of

certain

commercial

papers

3.

Redemption

of

500.00

0.00

0.00

0.00

500.00

Will

be

Preference

shares

utilised as

per

issued

by

proposed

Company

schedule

4.

General Corporate

737.11

0.00

0.00

0.00

737.11

Will

be

Purpose

utilised as

per

proposed

schedule

5.

Issue Expenses

11.50

0.00

4.15

0.00

7.35

Will be paid as

and when bills

are received

Total

2998.61

0.00

1604.15

0.00

1394.46

(3) Deployment of unutilized Issue Proceeds-

S.	Type of instrument	Amount	Expected	Earnings	Return on	Market
No.	where amount invested	invested *	Maturity		investment	value as at
			date		(ROI%)	the end of
						quarter
1	Indian Bank - FD	1,500,000,000	April 09,	NIL	3.00%	NA
			2021
2	Canara Bank - FD	2,002,600,000	April 15,	NIL	3.20%	NA
			2021
3	Punjab National Bank -	4,000,000,000	April 23,	NIL	2.90%	NA
	FD		2021
4	Canara Bank - FD	5,007,283,733	April 26,	NIL	3.80%	NA
			2021
5	Canara Bank - FD	1,450,000,000	April 29,	NIL	3.00%	NA
			2021
Total		13,959,883,733

• Amount is inclusive of interest

(4) Delay in implementation of the object(s)-

Object(s)

Completion Date

Delay (No. of

Comments of the

Name

As

per

Offer

Actual*

days/months)

Independent

Document

Chartered

Accountant

Not Applicable.

• In case of continuing object(s) please specify latest/revised estimate of completion

date.