L&T gets shareholders' nod to raise up to Rs 4,500 crore through bonds

Larsen and Tourbo (L&T) has received shareholders' nod to raise up to Rs 4,500 crore through issuance of convertible bonds, according to a regulatory filing.

The shareholders' approval was given at the company's annual general meeting (AGM) held on Thursday, L&T said in the BSE filing on Friday.

A special resolution for raising the funds was approved with requisite majority.

"The special resolution as set out in Item No. 13 of the Notice of the AGM...has been passed with requisite majority," the filing said.

Item No. 13 of the AGM notice read: "Raise funds through issue of convertible bonds and/or equity shares through depository receipts and including by way of qualified institution placement to qualified institutional buyers for an amount not exceeding Rs 4,500 crore or USD 600 million, if the value is higher.