Larsen & Toubro raises around Rs 2,800 crore

Larsen & Toubro Ltd,India’s leading engineering company,raised $600 million (around Rs 2,800 crore) selling shares through qualified institutional placements and foreign currency convertible bonds (FCCBs) to institutional investors to fund its expansion. Indian companies have raised more than Rs 27,900 crore this financial year from QIPs.

The company sold $ 400 million worth shares through the QIP route and $200 million by way of FCCBs. The shares were priced at a one percent discount to Wednesday’s close and the bonds at a 15 per cent premium. L&T said these funds will be used for investments in its future projects in the infrastructure and power sectors. Larsen shares fell 1.6 per cent to Rs 1,650.80 at the close of trading today in Mumbai. The shares have more than doubled this year.