L&T gets shareholders' nod for raising about Rs 9,600 cr

Diversified group Larsen & Toubro (L&T) has received shareholders' approval for raising about Rs 9,600 crore through issuance of various securities, including equity shares and convertible bonds.
This was among the various proposals approved by the shareholders during the company's annual general meeting held yesterday.
In a regulatory filing, L&T said it has got approval for "raising funds through issue of convertible bonds and/or equity shares through depository receipts and including by way of qualified institutional placement to qualified institutional buyers for an amount not exceeding Rs 3,600 crore or USD 600 million, whichever is higher".
Besides, shareholders have given their nod for issuance of "secured/unsecured redeemable non-convertible/perpetual debentures in one or more series/tranches/currencies aggregating up to Rs 6,000 crore".

Among other proposals, it has got approval for payment of commission to non-executive directors.
The amount to be paid as commission should not exceed the "limit of one per cent of the net profits of the company per annum in aggregate", the filing said.
Shares of L&T were marginally up at Rs 1,601.10 per scrip in late afternoon trade on BSE.