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Our Bureau

Mumbai, March 23

The board of directors of Larsen & Toubro Ltd has approved the raising of additional long-term resources amounting up to $300 million (over Rs 1,300 crore) for various purposes, including for "business acquisitions." This will be by way of issue of foreign currency convertible bonds/International Depository Receipts in one or more tranches, on such terms as may be decided in due course, subject to the approval of shareholders and other regulatory approvals as maybe required, said the company in a statement to the stock exchanges. The said funds are being raised to part-finance the requirements of the company towards capital expenditure for expansion/modernisation, working capital, investments in subsidiaries, infrastructure projects and for other growth requirements including business acquisitions.

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