L&T raises Rs 2820 crore via QIP and FCCB

by khalid on 09/10/2009 · 0 comments


Larsen and Toubro Ltd (L&T) has raised around Rs 1880 crore ($400 million) through qualified institutional placements (QIPs) at 1% discount and another around Rs 940 crore ($200 million) via foreign currency convertible bonds (FCCBs) for five-year tenure.

The proceeds of the funds will be used towards power plants, ports, ship building and nuclear forging.These are the future projects in infrastructure and power.

The company earlier in November 2007 raised over Rs 2000 crore through global depository receipts and an equal amount through external commercial borrowing to fund its ongoing projects in infrastructure and power sectors.

L&T has been growing at the rate of 35% as on March 2009. The company hope to grow the overall revenues from Rs 34000 crore to Rs 38000 crore by the year-end.

L&T’s CMP is Rs 1645.

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