Larsen & Toubro (L&T), the country’s biggest construction and engineering company, announced it would raise Rs 2,800 crore ($700 million) through a Global Depository Receipt (GDR). The proceeds will be used for building shipyards, among other things. The company has sought permission for listing any new issues in quite a few global stock exchanges like
The company has plans to list three subsidiaries L&T Infotech, L&T Infrastructure and L&T Financial Services on the exchanges by next year. Said Chairman AM Naik. The proposed equity sale would take place at Luxembourg Stock Exchange, he told shareholders at the company’s 62nd annual general meeting. “We have shortlisted two sites, one in
L&T has a JV with Dubai Aluminium Company to build a Rs 15,000-crore, 3-million tonne alumina refinery in Orissa. It has 26% equity stake in the JV which was announced in 2005. The existing GDRs make up around 2.5 per cent of L&T’s equity capital. The largest shareholder in the company is insurance major Life Insurance Corporation of
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