Diversified group larsen & Toubro (l&T) has received shareholders' approval for raising about Rs9,600 crore through issuance of various securities, including equity shares and convertible bonds.
This was among the various proposals approved by the shareholders during the company's annual general meeting held yesterday.
In a regulatory filing, l&T said it has got approval 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 Rs3,600 crore or $600 million, whichever is higher.”