05 Nov 07 Larsen & Toubro GDR issue : L&T to go in for a GDR issue
Indian infrastructure development and capital goods major, Larsen & Toubro (L&T) plans to go for a GDR issue. Larsen & Toubro will raise US$ 400 million through the issue of Global Depository Receipts. L&T has planned to list the GDR’s in the Luxembourg stock exchange. The funds raised through the GDR issue will be used to finance the new ventires of L&T, including its proposed ship building venture which is likely to be through a Joint Venture with Ficantieri, a leading European shipbuilding company. In an other unrelated development, Larsen and Toubro and Mitsubushi Heavy Industires, today signed a Joint Venture agreement for setting up a manufacturing plant in India to produce super critical steam turbine and generator in India.
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