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    533519   INE498L01015

L&T FINANCE HOLDINGS LIMITED

(533519)
  Report
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

L&T Finance : Monitoring Agency Report

07/16/2021 | 11:57am EST

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:
    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.

Disclaimer

L&T Finance Holdings Limited published this content on 16 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2021 15:56:08 UTC.


© Publicnow 2021
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Sales 2022 71 257 M 949 M 949 M
Net income 2022 13 837 M 184 M 184 M
Net Debt 2022 - - -
P/E ratio 2022 13,5x
Yield 2022 1,13%
Capitalization 179 B 2 377 M 2 377 M
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Nbr of Employees 22 532
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 73,40 INR
Average target price 101,25 INR
Spread / Average Target 37,9%
EPS Revisions
Managers and Directors
Dinanath Mohandas Dubhashi Chief Executive Officer, MD & Executive Director
Sachinn Joshi Group Chief Financial Officer
Shailesh Vishnubhai Haribhakti Non-Executive Chairman
Sunil Sudhir Prabhune Head-IT, Chief Executive-Rural & Housing Finance
Apurva Rathod Secretary & Compliance Officer