Larsen & Toubro (L&T), an engineering and construction conglomerate, has received the shareholders nod in it's 70th AGM to raise Rs 96 billion through various financial instruments such as debentures, equities and bonds.

The company said, 'The shareholders have approved raising Rs 36 billion or USD 600 million, whichever is higher, by the way of issuance of convertible bonds or equity shares or both through depository receipts by the way of Qualifed Institutional Placement to Qualified Institutional Buyers.'

'The company will raise Rs 60 billion through issue of secured or unsecured redeemable non-convertible or perptual debentures in one or more tranches, series and currencies,' it added.

Further the shareholders also agreed to pay commission to non-executive directors of the company, an amount not exceeding the limit of 1% of the net profits of the company per annum in agreegate.

The company has also declared a dividend of Rs 16.25 a share for the financial year 2014-15.

Shares of the company gained Rs 20.8, or 1.31%, to settle at Rs 1,613.25. The total volume of shares traded was 219,080 at the BSE (Thursday).