India’s Larsen & Toubro Ltd has sought shareholder approval for raising up to $700 million (Rs2,800 crore), as the country’s largest construction and engineering firm expands its operations overseas.
The company said it wants to raise the money through issues that could include global depositary receipts (GDRs), American depositary receipts (ADRs), foreign currency convertible bonds or other equity related instruments.
It has also sought approval from shareholders at the firm’s annual general meeting on Friday to authorise the board to convert previously issued GDRs to ADRs and list at Nasdaq or the New York Stock Exchange.
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