India's Larsen & Toubro to issue up to $300 million of convertibles

By Angela McDaniels

Seattle, March 30 - Larsen & Toubro Ltd. said it plans to raise up to $300 million through the issue of foreign-currency convertible bonds, Global Depositary Receipts and/or American Depositary Receipts convertible into equity shares or warrants convertible into depositary receipts. The securities may be rupee denominated or foreign-currency denominated.

The company must seek shareholder approval before issuing the securities, and the issuance may not increase the equity share capital of the company by more than 10%, according to a company news release.

Larsen will solicit votes from shareholders via postal ballot through May 10. Results will be announced on May 15.

Mumbai, India-based Larsen & Toubro is an industrial engineering and construction company.

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