L&T to raise $250 m via FCCBs

L&T has proposed to raise $250 million (approximately Rs 1,150 crore) through a foreign currency convertible bond issue.

The company has received shareholder approval for the same at its annual general meeting held today.

L&T is raising these funds to support its growth plans, which include both organic and inorganic growth. Senior company officials told Business Standard that the company would be deciding the details of the FCCB issue, at its board meeting to be held tomorrow. "Looking at the current international scenario, we could be coming out with this issue very soon," a senior company executive said.

The bonds, which would have a maturity period of five years, could be listed on the Singapore Stock Exchange, he added.