Nov. 2 (Bloomberg) -- India's Larsen & Toubro Ltd. plans to raise $700 million selling shares overseas, the Business Standard newspaper said, citing unidentified company officials.

The sale of global depository shares will be the engineering and construction company's second overseas offer in a decade, the newspaper said. Mumbai-based Larsen & Toubro needs funds to complete orders for building ports, upgrading airports and other large engineering projects, the newspaper said.

The company has hired UBS AG and Lehman Brothers Holding Inc to help it raise the funds, Business Standard said.

To contact the reporter on this story: Sumit Sharma in Mumbai at sumitsharma@bloomberg.net.

Last Updated: November 1, 2007 22:13 EDT