Engineering and construction major Larsen & Toubro (L&T) has launched a $100 million foreign currency convertible bonds issue denominated in Japanese yen. This is the first yen convertible bond by an Indian company. | |
| The zero-coupon convertible bonds have a maturity of five years and are convertible into global depository shares at a premium of 35 per cent over L&T's closing price of Rs 1,850.70 on the Bombay Stock Exchange on Wednesday. |
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| L&T sources said the bond issue might be listed on the Hong Kong or Singapore stock exchange while the underlying GDR issue will be listed on Luxembourg exchange where the L&T stock was listed. |
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| The listing of the bond at an Asian market was considered necessary as lots of Asian investors had shown interest in the issue. |
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| They added that the proceeds from the bond issue would be utilised for capital expenditure as well as funding organic and inorganic growth, especially in the overseas market. |
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