Stock Report

L&T closes US$ 107million Sustainability Linked Loan with Sumitomo Mitsui Banking Corporation

Posted On : 2022-12-02 07:48:20( TIMEZONE : IST )

L&T closes US$ 107million Sustainability Linked Loan with Sumitomo Mitsui Banking Corporation

Larsen & Toubro Limited ("L&T") has successfully closed a three-year USD 107 million sustainability-linked loan from Sumitomo Mitsui Banking Corporation ("SMBC") on November 30, 2022, with SMBC appointed as the sole Sustainability Coordinator and Lender. This sustainability linked loan underscores L&T's continued commitment to its environmental, social and governance (ESG) goals.

The facility incorporates interest rate reductions linked to the achievement of two of L&T's predetermined sustainability targets - the reduction of greenhouse gas emission intensity and water consumption intensity against the target levels. These targets have been selected on the basis that they are relevant and material to the company's overarching sustainability position and strategy. The loan fulfilled the core requirements under the Sustainability Linked Loan Principles and DNV Business Assurance Singapore Pte. Ltd. has provided Second Party Opinion on L&T's SLL.

Commenting on the successful closure of the SLL, Mr. R Shankar Raman, Group CFO & Whole Time Director of L&T, said "L&T continues to focus on achieving Water Neutrality by 2035 and Carbon Neutrality by 2040. Our long-term strategic plan also clearly outlines the ESG roadmap towards this goal. This SLL transaction with SMBC is an important step in that journey and underlines our intent on the ESG front."

Mr. Toshitake Funaki, CEO of SMBC India, said "This transaction supports SMBC Group's initiatives to contribute to a sustainable society through its financial services. We are delighted to be the Sustainability Coordinator and Lender for this SLL facility to our core client, L&T".

Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 2103.60 as compared to the previous close of Rs. 2077.30. The total number of shares traded during the day was 125157 in over 11156 trades.

The stock hit an intraday high of Rs. 2109.55 and intraday low of 2080.00. The net turnover during the day was Rs. 262584791.00.

Source : Equity Bulls


LarsenandToubro INE018A01030 Loan SumitomoMitsuiBankingCorporation Lender