Engineering major, Larsen & Toubro (L&T) today said it has got approval of its shareholders to raise up to Rs 2,400 crore ($600 million) through issue of securities on a private placement basis.
Shareholders of the company have given their consent for raising funds by way of qualified institutional placement of securities, including shares and debentures, L&T said in a statement to the Bombay Stock Exchange (BSE).
The engineering and construction major would raise these funds in one or more tranches. The company got shareholders' approval during its annual general meeting held on August 28. L&T filed the minutes of AGM to the stock exchange today.
"This QIP (qualified institutional placement) issue shall be completed withing 12 months from the date of this annual general meeting," the company said.
Besides, the shareholders have also given their approval for the appointment of two new directors — Thomas Mathew T and J S Bindra — on the company's board.
Shares of L&T today closed at Rs 1665.45 on the BSE, down 1.05 per cent from the previous close.
