Larsen and Toubro (L&T) has sought shareholders approval to raise up to $600 million (about R3,200 crore) through issuing securities, the company said in its notice to BSE, for the annual general meeting.
?The board be and is hereby authorised to offer, issue and allot in one or more tranches, to investors, whether Indian or foreign, including foreign institutions… that the total amount raised through issue of securities shall not exceed $600 million (R3,200 crore),? the notice said.
It said the mode of the fund raising, which will be decided later could be either through private placement or public issue, foreign currency convertible bonds, allotment of equity shares through depository receipts or through Qualified Institutional Placement or to Qualified Institutional Buyers. It said the fund raising will be need based, and it plans to use the proceeds on expansion.
L&T said, ?The company requires adequate capital to meet the needs of growing business. While it is expected that the internal generation of funds would partly finance the need for capital and debt raising would be another source of funds, it is thought prudent for the company to raise a part of the funding requirements for the said purposes.?