L&T Finance on Thursday said it will issue secured redeemable non-convertible debentures (NCDs) yielding 9.35% to raise up to Rs 1,500 crore. The issue is the first retail issue in the past 10 years with 60% reserved for high net worth individuals and retail investors. The tranche 1 issue opens on March 6 and ends on March 20 and is being offered in six different series for three different tenure bonds maturing in 37 months, 60 months and 120 months. The base issue size is for Rs 500 crore, with a greenshoe option of Rs 1,000 crore, with an option of early closure or extension, the company said. ALSO READ: Air India cuts J&K airfares, caps ticket prices at Rs 5,000, waives cancellation fees Dinanath Dubhashi, MD & CEO of L&T Finance, in a press briefing said the proceeds raised through the NCDs will be used for onward lending, financing, re-financing the existing indebtedness of the company and for general corporate purposes. The debentures have been rated \u2018AAA\u2019 by leading credit rating agencies like Icra, Care and India Ratings. \u2018AAA\u2019-rated instruments carry the lowest credit risk. The lead managers to the issue are: Edelweiss Financial Services, AK Capital Services, Axis Capital and Trust Investment Advisors. L&T finance is registered with the Reserve Bank of India as a systematically important non-banking finance company.