L&T gets shareholders' nod to raise Rs 4,000 crore via securities

Engineering major Larsen & Toubro Thursday said it has got shareholders' approval to raise up to Rs 4,000 crore or USD 600 million by issuance of different modes of securities.

The proposal to fund raising was approved by the requisite majority of shareholders at its annual general meeting held on August 1, 2019, according to a BSE filing.

The company has proposed to raise 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 4,000 crore or USD 600 million.