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Business News/ Companies / L&T issues FCCBs worth $200 million
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L&T issues FCCBs worth $200 million

The FCCBs have a tenure of five years and one day, with the initial conversion price fixed at Rs1,916.50 per share

L&T had already obtained the approval of its shareholders through postal ballot by a special resolution on 14 July for issuing the FCCBs and for issuing the equity shares upon conversion of FCCBs. Photo: Priyanka Parashar/MintPremium
L&T had already obtained the approval of its shareholders through postal ballot by a special resolution on 14 July for issuing the FCCBs and for issuing the equity shares upon conversion of FCCBs. Photo: Priyanka Parashar/Mint

Mumbai: India’s largest engineering company Larsen and Toubro Ltd (L&T) on Tuesday said it has launched and priced a so-called accelerated offering of foreign currency convertible bonds (FCCBs).

The FCCBs are convertible into equity shares of the company at the option of the bondholders, it said in a statement to the exchanges.

L&T is issuing $200 million worth FCCBs with a face value of $200,000 per bond and a coupon rate of 0.675% (payable semi-annually). The bonds have a tenure of five years and one day. The initial conversion price of the FCCBs is fixed at 1,916.50 per share.

“Application will be made for the FCCBs to be listed on the Singapore Exchange Securities Trading Ltd and for in-principle approval for the shares to be issued up on conversion of the FCCBs to be listed on the National Stock Exchange and BSE," L&T said.

L&T had already obtained the approval of its shareholders through postal ballot by a special resolution on 14 July for issuing the FCCBs and for issuing the equity shares upon conversion of FCCBs.

An FCCB is a foreign currency bond with an option to be converted into equity at a later point.

At 9:26am, shares of L&T fell 0.59% to 1,524.70 apiece on BSE, while the benchmark Sensex index was up 0.06% at 27,222.72 points.

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Published: 23 Sep 2014, 11:08 AM IST
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