L&T mulls raising $30 mn from intl markets

L&T is planning to raise $300 million through issue of Global Depository Receipts and Foreign Currency Convertible Bonds in the international markets.

Larsen & Toubro Ltd (L&T) said on Thursday that it is planning to raise $300 million through issue of Global Depository Receipts and Foreign Currency Convertible Bonds in the international markets.

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The shareholders of the company would consider by way of postal ballot the issue of FCCBs, GDRs or other convertible securities for an aggregate sum up to 300 million dollars, provided that the issue of securities would not result in increase of the issued and subscribed equity share capital of the company by more than 10 per cent of the enhanced and outstanding equity shares, subject to necessary approvals, it informed the Bombay Stock Exchange.

The company has appointed SN Ananthasubramanian, as scrutiniser for conducting the postal ballot process and the forms duly completed should reach the scrutiniser before May 10.