Larsen & Toubro (L&T), an engineering and construction conglomerate, has announced the launch of Foreign Currency Convertible Bonds (FCCBs) up to an issue size of USD 200 million on Tuesday. The face value of FCCBs is USD 200,000 a bond. Bond tenor is five year and one day. Initial conversion price is set at Rs 1916.5 a share.

The company has already obtained the approval of its shareholders through postal ballot by a special resolution dated Jul. 14, 2014, for the issue of the FCCBs and for issue of the equity shares to be issued upon conversion of the FCCBs.

Application will be made for the FCCBs to be listed on the Singapore Exchange Securities Trading and for in-principle approval for the shares to be issued upon conversion of the FCCBs to be listed on the NSE and BSE, the company said.

Shares of the company declined Rs 26.8, or 1.75%, to trade at Rs 1,507. The total volume of shares traded was 111,032 at the BSE (1.33 p.m., Tuesday).