AXB/CO/IFB-TS/2021-22/95
October 14, 2021
REPORT OF THE MONITORING AGENCY
STATEMENT OF UTILISATION OF ISSUE PROCEEDS
Name of the Issuer: L&T Finance Holdings Ltd
For quarter ended: September 30, 2021
Name of the monitoring agency: Axis Bank Limited
- 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.
- 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: October 14, 2021
Corporate Oce :
-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 |
- 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? | |||
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:
- Deviation in the objects or purposes for which the funds have been raised
- Deviation in the amount of fund actually utilized by more than 10% of the amount projected in the offer documents.
- Details of object(s) to be monitored:
- 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 |
- 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 | Un- | utilized | Balance | unutilized | the | |||||||||
Offer | utilized at | during | at the | amount | Independent | ||||||||||
Document | beginning | the | end of | Chartered | |||||||||||
of the | quarter | the | Accountant | ||||||||||||
quarter | quarter | ||||||||||||||
1. | Repayment | of | 1150.00 | 0.00 | 0.00 | 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 | 500 | 500.00 | Will | be | ||||||
Preference | shares | utilised as | per | ||||||||||||
issued | by | proposed | |||||||||||||
Company | schedule | ||||||||||||||
4. | General Corporate | 737.11 | 737.11 | 0.00 | 737.11 | 737.11 | Will | be | |||||||
Purpose | utilised as | per | |||||||||||||
proposed | |||||||||||||||
schedule | |||||||||||||||
5. | Issue Expenses | 11.50 | 7.14 | # 6.60 | 0.54 | 0.54 | The same | will | |||||||
be utilised in | |||||||||||||||
coming month | |||||||||||||||
Total | 2998.61 | 1244.25 | 6.60 | 1237.65 | 1237.65 |
- Rs. 6.54 Crores was paid as advance for Issue Expenses prior to Issue now adjusted with the issue amount.
(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 | 3,934,500,000 | October | NIL | 3.15% | NA |
18, 2021 | |||||||
2 | Canara Bank | FD | 2,507,283,733 | October | NIL | 3.15% | NA |
11, 2021 | |||||||
3 | Canara Bank | FD | 2,500,000,000 | October | NIL | 2.65% | NA |
11, 2021 | |||||||
4 | Canara Bank | FD | 1,952,600,000 | October | NIL | 2.00% | NA |
16, 2021 | |||||||
5 | Indian Bank | FD | 1,400,000,000 | October | NIL | 3.00% | NA |
04, 2021 | |||||||
6 | Indian Bank | FD | 50,000,000 | October | NIL | 2.90% | NA |
11, 2021 | |||||||
Total | 12,344,383,733 |
* 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.
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Disclaimer
L&T Finance Holdings Limited published this content on 20 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2021 14:50:03 UTC.