Larsen & Toubro (L&T) has launched and priced an accelerated offering of foreign currency convertible bonds (FCCBs). The issue size is $200 million of face value $200,000 a bond carrying a coupon rate of 0.675 per cent payable semi-annually. The tenor of the bond will be five years and one day.
The FCCBs are convertible into equity shares at the option of the bondholders. The initial conversion price would be Rs 1,916.50 a share.
Larsen & Toubro (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector.