The board of L&T Metro Rail (Hyderabad) will meet on a short notice today to consider and decide on further issuance of equity shares on right basis.
The board meeting is scheduled to close at about 8.30 pm on March 27. The outcome of the said meeting would be announced within 30 minutes from the closure of the board meeting, said the company in a statement late on Sunday night.
Agreement
Larsen and Toubro was awarded the Hyderabad Metro Rail Project by the then Government of Andhra Pradesh. L&T incorporated a Special Purpose Vehicle L&T Metro Rail (Hyderabad) to implement the Project on Design, Built, Finance Operate and Transfer basis.
The company signed the Concession Agreement with the then Government of Andhra Pradesh in September, 2010 and completed the financial closure for the Project in March, 2011 in a record period of six months.
A consortium of 10 banks led by State Bank of India has sanctioned the entire debt requirement of the project. This was the largest fund tie-up in India for a non-power infrastructure Public Private Partnership project.
L&T has been working on steps to reorganise the capital structure of the project to make the asset attractive for prospective buyers.