Larsen & Toubro is planning to raise $200 million via foreign currency convertible bonds (FCCBs).
In a statement to Bombay Stock Exchange, the company said: "(L&T) is currently contemplating an (FCCB) offering." The bonds will have face value of Rs 2 each and shall be convertible into newly issued equity shares.
This is part of the company's plan to raise around $600 million (or Rs 2,400 crore ) via qualified institutional placement. Today, L&T also announced that it has received shareholders' approval to raise this amount.
