L&T board approves long term borrowings up to Rs 10,000 crore

Infrastructure major Larsen & Toubro (L&T) board on Thursday approved long term borrowings up to Rs 10,000 crore.

The long-term borrowings include refinancing, through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate, the company said in a regulatory filing.

Shares of L&T on Thursday traded 0.41 per cent higher at Rs 1,774.30 apiece on BSE during late trade.

Recently, L&T had announced that it bagged a 'significant' order to construct hi-tech IT parks at eight locations across Bangladesh.

This project is being funded by the Indian EXIM Bank and is the first IT and office space order that L&T has secured in Bangladesh.

''The construction arm of Larsen & Toubro has secured an order from the Bangladesh Hi-Tech Park Authority to construct Hi-Tech IT Parks at 8 locations (2 packages at 4 locations each) across Bangladesh,'' the company said in a statement.

The major scope of work for the project comprises procurement and construction of seven-storied structural steel buildings at all eight locations.

The scope also includes lift, electrical, fire-fighting system and public health engineering among others.