L&T finance limited

Public issue by L&T finance limited ('company' or the 'issuer' ) of secured redeemable Non -convertible debentures of face value of Rs 1,000 Indian rupees one thousand) each ('secured NCDs') and / or unsecured , subordinated, redeemable non – convertible debentures of face value of Rs 1,000 (Indian rupees one thousand) each ('unsecured NCDs') for an amount up to Rs 5000,00,00,000 (Indian rupees five thousand crores) ('shelf limit') ('issue'). The Unsecured NCDs will be eligible for tier ii capital. The secured NCDs / unsecured NCDs will be issued in one or more tranches up to the shelf limit, on terms and conditions as set out in the relevant tranche prospectus for any tranche issue (each a 'tranche issue') , which should be read together with this draft shelf prospectus and the shelf prospectus (collectively the 'offer document'). This issue is rated ICRA AA/Stable (by ICRA Limited), CARE AAA/Stable (by CARE Ratings Limited) and IND AAA/Stable (by India Ratings and Research Private Limited). The rating of NCDs by ICRA, CARE and IND indicate that instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk. Good Rating, sound financials and lucrative coupon rates make this offer a worthy option for investors looking for long term fixed income. We give SUBSCRIBE rating to debt issue.

• 1 L&T Finance Holdings Limited