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L&T share price surges 3% on raising Rs 2,500 crore via NCDs

Larsen & Toubro share price closed at Rs 876.65, rising 2.29% on BSE. The large cap stock has been gaining for the last four days and risen 4.28% during the period.

twitter-logoBusinessToday.In | May 2, 2020 | Updated 15:34 IST
L&T share price surges 3% on raising Rs 2,500 crore via NCDs
The debentures are proposed to be listed on NSE, it said.

Larsen & Toubro share price gained nearly 3% today after the conglomerate said it has raised Rs 2,500 crore through issuance of non-convertible debentures (NCDs). The debentures will mature in April, 2025.

Share price of Larsen & Toubro (L&T) rose up to 2.98%  to Rs 882 compared to the previous close of Rs 857 on BSE.

Larsen & Toubro share price closed at Rs 876.65, rising 2.29% on BSE. The large cap stock has been gaining for the last four days and risen 4.28% during the period.

It stands higher than 5-day and 20-day moving averages but lower than 50 day, 100 day and 200 day moving averages.

"The Company has today issued and allotted 25,000 7.70 per cent Rated Listed Unsecured Redeemable Non-Convertible Debentures of Rs 10 lakh each aggregating to Rs 2,500 crore which will mature on April 28, 2025," the company said filing to the BSE.

The debentures are proposed to be listed on NSE, it said.

The interest on will be paid on an annual basis, it added.

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