Larsen & Toubro Ltd (L&T) announced on Wednesday that it had priced its USD 400 million Global Depositary Shares (GDS) issue at USD 100 per share.

The shares are proposed to be listed on the Luxembourg stock exchange. The Lehman Brothers International (Europe) and UBS were the joint book-runners to the offering, L&T said in a statement

Each GDS represents one equity share of the company and is priced at a 5 % premium to L&T's closing price of USD 105 (Rs. 4,125.7) on Tuesday on the Mumbai Exchange, The Company stated.

The company stock was closed today, at Rs. 4111.95 on NSE, down by 0.27 % from the previous close of Rs. 4123.10. It touched an intraday high of Rs. 4298.65 and an intraday low of Rs 4061.00 during the day

The GDR issue is the part of L&T`s USD 1 billion fund raising program. The remaining amount will be raised by the company as and when required.