Covid-19: L&T board members take pay cut of up to 53%, Naik sees hope in H2

Naik takes 24% cut; company to take up Rs 4,500 cr fundraising at AGM

Larsen & Toubro Chairman A M Naik has struck a positive note in his letter to shareholders, saying H2 of FY21 could see better economic activity. 

With business taking a hit on account of the pandemic, Naik took a 24 per cent pay cut. At its annual general meeting (AGM) scheduled for August 13, the firm will discuss and is likely to approve of a fundraising resolution to the tune of Rs 4,500 crore through various sources such as qualified institutional placement (QIP).

Naik said: “The pandemic and its fallout makes it difficult to forecast the future with certainty.” He said it