Larsen & Toubro is planning to raise 400 million US Dollars by way of Global Depository Receipts. The company Board has already authorised to raise 1 Billion US Dollars in the coming 6 months.
The GDR, which L&T is planning to raise is part of the fund raising program, and the company will raise the remaining amount as and when required for expansion plans.
L&T has not fixed the GDR price and plans to fix the date by November 15th. The company plans to list it on the Luxembourg exchange.
Majority of the funds raised would be for the investments they would be doing in a major shipbuilding factory and it has already initiated talks with Europe’s shipbuilder Ficantieri for a Joint Venture.
Larsen & Toubro Shares are last trading at Rs 4343.90, down 2.61% on the BSE at 2.25 pm Monday.
1 comment so far ↓
I would like to know how this company allegedly managed to transfer the money from the proceeds of the cement division sale to employee trust, which in turn bought 13% in L & T Stake. Guys through some light.
Also the Chairman do not want to go home and allots ESOP to him at will after bribing all the boardmembers.
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