L&T board approves long-term borrowing of Rs 9,000cr

L&T

On April 9, Larsen & Toubro (L&T) said in a filing to the Bombay Stock Exchange (BSE) that its board had approved long-term borrowing of up to Rs 9,000 crore.

It said in its statement that the Board of Directors had allowed the company to raise the funds “either through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate”.

The meeting of the L&T Board of Directors started at 11:00 am on April 9 and went on for an hour and a half.

After the announcement, the company’s share price gained more than 3 percent intraday on April 9. The stock gained for the fourth consecutive session, rising 7.8 percent, while it rallied 18 percent from 2020's low touched on March 24. It corrected 48 percent in two months.

L&T share price closed at Rs 812.35 on April 9.

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The power transmission and distribution business of L&T Construction has bagged orders in India and abroad. In Egypt, the company has bagged orders to design, supply, construct and commission a 220 kV gas-insulated substation. On the other hand, its renewable subsidiary has won large EPC orders on the domestic and international fronts to establish solar photovoltaic plants totalling more than 500 MW.

On April 7, L&T Construction’s smart world & communication business secured an order from the Indian Army for a unified network management system and to manage, support and operate the countrywide armed forces network under the network for spectrum.