The Board of Directors of LT Foods Ltd, in its meeting held on 19th August, 2019, with an intent to consolidate its International Business has approved transfer of investments (shares) in LT Foods International, Limited, U.K, (wholly owned subsidiary of the Company) to LT Overseas North Americas Inc., USA, another wholly owned subsidiary of the Company at fair value as determined by an independent merchant bank.
The above-mentioned transfer is a first step towards the long-term goal of the Company to consolidate its global businesses under one entity, thereby make its overseas business structure leaner.
LT Overseas NA currently houses the U.S business of the Company which accounts for c.36% of the consolidated revenues and LT Foods International Limited, U.K. currently houses the European operations of the Business which account for 6.40% of consolidated revenues for the year ended March, 2019.
Shares of LT FOODS LTD. was last trading in BSE at Rs.22.25 as compared to the previous close of Rs. 22. The total number of shares traded during the day was 28413 in over 185 trades.
The stock hit an intraday high of Rs. 22.55 and intraday low of 22. The net turnover during the day was Rs. 631122.