"The Board be and is hereby authorised to offer, issue and allot in one or more tranches, to Investors whether Indian or Foreign that the total amount raised through issue of the Securities shall not exceed Rs 3,600 crore or USD 600 million," it said in a notice for the annual general meeting. Engineering and construction giant Larsen & Toubro (L&T) has sought shareholders nod to raise up to USD 600 million (about Rs 3,200 crore) through issuing securities to meet capital requirement of growing business."The Board be and is hereby authorised to offer, issue and allot in one or more tranches, to Investors whether Indian or Foreign that the total amount raised through issue of the Securities shall not exceed Rs 3,600 crore or USD 600 million," it said in a notice for the annual general meeting. It said the shareholders through a resolution passed by postal ballot on July 14, 2014, had approved issue of securities for an aggregate sum up to USD 600 million but the nod for QIP issuance was valid only for 12 months and "accordingly, the Shareholders approval is sought for the same.It said the company requires adequate capital to meet the needs of growing business.
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