L&T gets shareholders’ nod to raise around Rs.9,600 crore

Mumbai, Sep 10 (IANS) Diversified firm Larsen & Toubro (L&T) on Thursday said it has received approval from its shareholders approval to raise nearly Rs.9,600 crore through issuance of equity shares and convertible bonds.

In a regulatory filing with the Bombay Stock Exchange, the company said it has received consent 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 $600 million, whichever is higher”.

Shareholders have also 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”.

These were among several proposals approved at the company’s annual general meeting on Wednesday.

Another proposal which has received the shareholders’ nod includes the approval for payment of commission to non-executive directors not exceeding the “limit of one percent of the net profits of the company per annum in aggregate”.

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