L&T INFRASTRUCTURE Finance has mopped up around Rs 536 crore from its recently closed issue of tax saving infrastructure bonds. The mop-up is almost half of the Rs 1,100 crore worth of such bonds that the step down subsidiary of Larsen & Toubro has been allowed to raise in this financial year.
A senior company official told Financial Chronicle that L&T has got a good response in the first tranche with a subscription of around Rs 536 crore collected via 2.38 lakh applications.
The collection in this issue is 48 per cent higher as compared to first tranche of similar bonds issued in the previous financial year. The bonds will be allocated to the investors in the next two to three days.
The company is now planning to launch the second tranche of its tax saving infra bonds next week, taking advantage of the bullish sentiment towards debt instruments and the concerted efforts being put in by brokers and intermediaries in selling such issues. L&T Infra Finance hopes the second tranche would allow it to raise the balance amount permitted by the authorities in the current year.
Apart from L&T some other IFCs are also in market or are planning to launch tax saving bond issues. Rural Electrification Corporation (REC) launched its issue of tax saving bonds in the third week of December aiming to raise around Rs 1,000 crore.
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