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Larsen & Toubro
Mumbai-based Larsen & Toubro has obtained shareholder approval for the issue of foreign currency convertible bonds (FCCBs) to the tune of $ 200 Million (Rs. 933 crores). The company made an announcement to the Bombay Stock Exchange today, stating its intention to offer FCCBs. The bonds will have face value of Rs. 2 ($ 0.043) each and shall be convertible into newly issued equity shares.
This is part of L&T’s drive to raise around $600 Million (Rs. 2801 crores) through Qualified Institutional Placements (QIPs). AZB & Partners, Mumbai, has drawn up the preliminary placement document. The AZB team was led by Capital Markets Partner Shameek Chaudhuri, assisted by Associates Varoon Chandra, Vinay Kurien and Mukul Sharma. Singapore-based Linklaters, Allen & Gledhill are acting as U.S. legal advisors to the sole global coordinator and book running lead manager, CitiGroup.
Jeffries International – Amtek Auto
Shameek Chaudhuri has also advised Jeffries International, the Lead Manager and sole Bookrunner to Amtek Auto’s recently-concluded issue of FCCB’s amounting to $140 Million (Rs. 653 crores). Lovells acted as the international counsel advising Jefferies.