What to watch. L&T Finance NCD issue opens on Tuesday

L&T Finance plans to raise up to ₹1,500 crore (₹500 crore base issue and ₹1,000 in case of oversubscription) through secured non-convertible debentures. The issue opens on March 6 and closes on March 20 and offers a yield of up to 9.35 per cent per annum. There is also an option of early closure or extension. These NCDs are rated ‘AAA’ by CARE, ICRA and India Ratings. The proceeds will be used for onward lending, refinancing the existing debt and for general corporate purposes.