L&T Raises $600 Mn Through QIP, FCCBs

Country's top Engineering company, Larsen&Toubro has raised $600 mn through convertible debentures and institutional investors to invest in infrastructure projects.

L&T raised $400 mn through a share sale to institutional investors while $200 mn was raised through an issue of FCCBs. The FCCBs will have a five year tenure with a 15% premium on conversion. The coupon rate is 3.5%.

L&T is expecting contracts worth Rs 30,000 cr in the three yearsas part of the government’s plan to spend $500 billion in infrastructure projects.

The fund raising will dilute equity by 1.9%. Citigroup was the advisor to the fund-raising exercise.

The engineering giant had raised USD 400 million through global depository receipts and an equal amount through external commercial borrowing in November 2007 to fund its ongoing projects.

Domestic companies have so far raised $6 billion through QIPs and have plans to raise another $8 billion. Two weeks ago, Sesa Goa, an iron ore exporter, and Welspun Gujarat Stahl Rohren, a line pipe maker, raised $630 million through FCCBs.

Indian corporates have raised $15 billion through largely unsecured FCCBs in the past five years. Of this, bonds worth $4 billion have either matured or have been bought back by promoters, leaving $11 billion of outstanding papers. About 400 such issues are set to mature in the next 24 months.

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October 26, 2010 07:39 AM

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