L-;T board to consider raising funds via debt on March 24; stock ends higher

22 Mar 2022 , 04:10 PM

Larsen & Toubro (L&T) on Monday announced that the company’s board will meet on March 24, 2022, to seek approval for raising funds.

The stock ended at Rs1,773.90 up by Rs17.5 or 1% from its previous closing of Rs1,756.40 on the BSE. The scrip opened at Rs1,758.85 and touched a high and low of Rs1,777.25 and Rs1,721.90 respectively.

Pursuant to Regulation 29 (1)(d) and Regulation 50(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions thereof, Notice is hereby given that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, March 24, 2022, inter-alia to seek approval for raising funds including through issue of debt securities as part of Company’s refinancing program.

As per media reports, Jefferies maintains a ‘buy’ rating on the stock but cut the target price to Rs2,525 from Rs2,675 per share. It has lowered the FY22-25 EPS estimates by 4-8 per cent. The order flow should move to 15 per cent CAGR in FY21-24 as against 10 per cent in the last 10 years, the media reports added.