L&T Finance Limited — Capital/Financing Update 2021

Oct 20, 2021

@ l&T Financial Services

October 20, 2021

National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1 , G Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051.

BSE Limited Corporate Relations Department, 1st Floor, New Trading Ring, P. J. Towers, Dalal Street, 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 September 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 September 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

~ Rathod

Apurva Company Secretary and Compliance Officer ~

-Encl: As above ✓

L&T Finance Holdings Limited Registered Office Brindavan, Plot No. 177, C.5.T Road Ka lina, Santacru z (East) Mumbai 400 098, Maharashtra, In dia CIN: L67 l 20MH2008PLC18 l833

T +91 22 6212 5000 F +9 1 22 6212 5553 E igrc@ltfs.com www.ltfs.com

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

(a) 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.

(b) 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

1) Issuer Details:

	Name of the issuer The names of the promoters of the issuer	: :	L&T Finance Holding Ltd 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

3) 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 Offer Document?	Yes/ No	Yes
approval is obtained in case of material deviations# from expenditures disclosed in the Offer Document?	Yes/ No / NA	Not Applicable
Whether means of finance for disclosed objects of the Issue has changed?	Yes/ No	No
Any major deviation(s) observed over the earlier monitoring agency reports?	Yes/ No	No
Whether all government/ statutory approvals related to the object(s) have been obtained?	Yes/ No	Yes
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Yes/ No	Yes
Any favorable events improving object(s) viability?	Yes/ No	NA
Any unfavourable events affecting object(s) viability?	Yes/ No	NA
Any other relevant information that may materially affect decision making of the investors?	Yes/ No	NA

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.

4) 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. No	Item Head	Original Cost (as per Offer Document) ( in Crore)	Revised Cost	Comments of the Independent Chartered Accountant
1.	Repayment of certain commercial papers issued by our Company	1150.00	No change	None
2.	Infusion of funds in our Subsidiary, for repayment of certain commercial papers issued by such Subsidiary.	600.00	No change	None
3.	Redemption of preference shares issued by our Company.	500.00	No change	None
4.	General Corporate Purposes (including Issue related expenses)	748.61	No change	None
	Total	2998.61

(2) 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. No.	Type of instrument where amount invested	Amount invested *	Expected Maturity date	Earnings	Return on investment (ROI %)	Market value as at the end of quarter
1	Canara Bank FD	3,934,500,000	October 18, 2021	NIL	3.15%	NA
2	Canara Bank FD	2,507,283,733	October 11, 2021	NIL	3.15%	NA
3	Canara Bank FD	2,500,000,000	October 11, 2021	NIL	2.65%	NA
4	Canara Bank FD	1,952,600,000	October 16, 2021	NIL	2.00%	NA
5	Indian Bank FD	1,400,000,000	October 04, 2021	NIL	3.00%	NA
6	Indian Bank FD	50,000,000	October 11, 2021	NIL	2.90%	NA
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 Document	Offer	Actual*	days/months)	Independent Chartered Accountant
Not Applicable.

* In case of continuing object(s) please specify latest/revised estimate of completion date.