Infrastructure major Larsen and Toubro (L&T) is planning to mop up about $600 million through issue of securities. In this regard, the company is seeking its shareholders’ nod. The raised fund will be used for company’s expansion. Meanwhile, the company’s board is authorized to offer, issue and allot in one or more tranches to investors, whether Indian or foreign, including foreign institutions.
Recently, the company announced disappointing first quarter results, with a total debt of about Rs 10,939 crore as on June, 2013, while its gross debt to equity ratio was at 0.37. Between April and June, debt levels of L&T have risen by nearly 24% or by about Rs 2,100 crore.