L&T Finance : Monitoring Agency Report

July 16, 2021
National Stock Exchange of India Limited	BSE Limited
Exchange Plaza,	Corporate Relations Department,
Plot No. C/1, G Block,	1st Floor, New Trading Ring,
Bandra - Kurla Complex, Bandra (East),	P. J. Towers, Dalal Street,
Mumbai - 400 051.	Mumbai - 400 001.
Symbol: L&TFH	Security Code No.: 533519

Kind Attn: Head - Listing Department / Dept of Corporate Communications

Sub: Monitoring Agency Report for the quarter ended June 30, 2021

Dear Sir / Madam,

Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed Monitoring Agency Report for the quarter ended June 30, 2021, issued by Axis Bank Limited, Monitoring Agency, appointed to monitor the utilisation of proceeds of the Rights Issue of the Company.

Further, we hereby confirm that there has been no deviation in the utilisation of Rights Issue proceeds from the objects as stated in the Letter of Offer dated January 19, 2021.

We request you to take the aforesaid on records.

Thanking you,

Yours faithfully,

For L&T Finance Holdings Limited

Apurva Rathod

Company Secretary and Compliance Officer

Encl: As above

AXB/CO/IFB-TS/20-21/50

July 12, 2021

REPORT OF THE MONITORING AGENCY

STATEMENT OF UTILISATION OF ISSUE PROCEEDS

Name of the Issuer: L&T Finance Holdings Ltd

For quarter ended: June 30, 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: Mr. Sameer Kabra

Designation of Authorized person/Signing Authority: Authorized Signatory

Seal of the Monitoring Agency

Date: July 12, 2021

Corporate Oce :

, 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?
	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

150.00

150.00

0.00

0.00

None

certain

Commercial

Paper

2.

Infusion of

funds

600.00

0.00

0.0

0.00

0

None

in subsidiary

for

repayment

of

certain

commercial

papers

3.

Redemption

of

500.00

500.00

0.00

0.00

500.00

Will

be

Preference

shares

utilised as

per

issued

by

proposed

Company

schedule

4.

General Corporate

737.11

737.11

0.00

0.00

737.11

Will

be

Purpose

utilised as

per

proposed

schedule

5.

Issue Expenses

11.50

7.35

0.21

0.00

7.14

Will be paid as

and when bills

are received

Total

2998.61

1394.46

150.21

0.00

1244.25

(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

Canara Bank

FD

2,500,000,000

July

19,

NIL

3.00%

NA

2021

2

Canara Bank

FD

2,507,283,733

August

NIL

3.20%

NA

24, 2021

3

Canara Bank

FD

2,002,600,000

July

02,

NIL

2.90%

NA

2021

4

Canara Bank - FD

3,934,500,000

August

NIL

3.80%

NA

23, 2021

5

Indian Bank - FD

1,450,000,000

July

05,

NIL

3.00%

NA

2021

Total

12,394,383,733

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.