Engineering conglomerate Larsen & Toubro (L&T) on Thursday said the company’s board has approved fund raising plans for up to Rs 9,000 crore through various instruments, including non convertible debentures.
“The Board of Directors, at its meeting held today, has, inter alia, approved Long-term borrowing up to Rs9000 crore, either through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate,” the company said in its statement to BSE.
L&T did not disclose the purpose for fund raising. In the current financial year, L&T is the second conglomerate putting provisions in place for a fund-raising. Reliance Industries, last week, approved fund raising up to Rs 25,000 crore through NCDs.
