L&T plans to raise $500 million
Engineering and construction conglomerate Larsen and Toubro (L&T) plans to raise as much as $500 mil `3,350 crore) by selling shares to inlion (.stitutional investors, also known as qualified institutional placement (QIP), joining the league of a group of large companies taking advantage of a liquidity-driven market rally to fund their capital requirements. “We prefer L&T in the capital goods sector and recommend it as a top pick in the large-cap space, given that it offers the strongest growth profile with visibility and improvements in the offing,“ said Vivek Sharma, analyst, ICICI Securities. “We believe improvement in the core business would not only drive earnings but also the earnings multiple.”
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