L&T raises Rs 409 crore

MUMBAI, MAR 16: In the first large securitisation deal to be executed through the capital market, Larsen & Toubro raised Rs 409 crore from banks, financial institutions (FIs) and mutual funds to finance the construction of a cogeneration captive power plant to be leased to IPCL at Gandhar complex, Gujarat.

The transaction, conceived and developed by L&T, was structured by a group of co-ordinating lead arrangers and ICICI and was lead arranged by ANZ Grindlays, Citibank and DSP Merrill Lynch with I-Sec and L&T Finance as co-managers, the engineering giant said in a release here today.