L&T rises on plan to raise Rs 1000 crore for financing Hyderabad Metro Project

23 Jul 2013

Larsen & Toubro (L&T) is currently trading at Rs. 906.45, up by 4.50 points or 0.50% from its previous closing of Rs. 901.95 on the BSE.

The scrip opened at Rs. 906.00 and has touched a high and low of Rs. 922.50 and Rs. 887.30 respectively. So far 557689 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1146.33 on 29-Oct-2012 and a 52 week low of Rs. 872.00 on 27-Jul-2012.

Last one week high and low of the scrip stood at Rs. 990.55 and Rs. 899.00 respectively. The current market cap of the company is Rs. 83711.23 crore.

The institutions and non-institutions held 52.81% and 44.04% stake in the company, respectively.

L&T incorporated Special Purpose Vehicle (SPV), L&T Metro Rail (Hyderabad) is reportedly planning to raise Rs 1000 crore for financing its Hyderabad Metro Project. The company is in talks with IIFCL and is planning to achieve this through the ECB route, which would help the company avail long term finance for a period of 25 years and at a lower interest rate saving around 5%.

L&T was awarded the Hyderabad Metro Rail Project by Government of Andhra Pradesh. The company then incorporated a SPV to implement the Project on Design, Built, Finance Operate and Transfer (DBFOT) basis.

Further, a consortium of 10 banks led by the State Bank of India has sanctioned the entire debt requirement of the project. The bankers, in total have lent Rs 11,400 crore in debt, of which Rs 750 crore has been deployed by L&T.

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