Larsen & Toubro (L&T) has received shareholders’ approval to raise up to Rs 4,000 crore by issuance of different modes of securities. The company has proposed to raise funds through issue of convertible bonds and/or equity shares through depository receipts and including by way of qualified institutional placement to qualified institutional buyers for an amount not exceeding Rs 4,000 crore. The proposal to fund raising was approved by the requisite majority of shareholders at its annual general meeting held on August 1, 2019.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.
