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L&T's bond issue

By Our Staff Correspondent

MUMBAI, NOV. 2. Larsen & Toubro (L&T) launched a foreign currency convertible bonds issue aggregating $125 million in the international markets on November 1.

The issue was well received by the international FCCB investors. These bonds have a maturity of five years and are redeemable at a premium to provide a yield to maturity of 4 per cent per annum to investors.

The bonds carry a coupon of 1.25 per cent payable annually in arrears.

The bonds are convertible into Global Depository Shares at a premium of 35 per cent over the BSE closing share price of Rs. 831.70 on November 1; anytime after the 41st day after the closure of the issuance until the close of business on the seventh day prior to maturity.

The bonds will be listed in the Hongkong Stock Exchange.

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