Larsen & Toubro said on Tuesday that it has launched and priced an accelerated offering of foreign currency convertible bonds (FCCBs).

The issue size is $200 million of face value $200,000 a bond carrying a coupon rate of 0.675 per cent payable semi-annually. The tenor of the bond will be five years and one day.

In a filing to the stock exchanges, L&T said the FCCBs are convertible into equity shares at the option of the bondholders. The initial conversion price would be Rs 1,916.50 a share.

L&T said an application will be made for the FCCBs to be listed on Singapore Exchange Securities Trading Ltd and for in-principle approval for the shares to be issued upon conversion of the FCCBs to be listed on the NSE and BSE.

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