Larsen & Toubro Ltd has agreed to purchase the entire stake held by Old Lane Mauritius III Ltd ('Old Lane') in L&T Infrastructure Development Projects Limited ('L&T IDPL'), a subsidiary company, on October 17, 2019.
L&T Infrastructure Development Projects Limited with turnover of Rs. 257.31 crore and a networth of Rs. 2503.58 crore as on March 31, 2019.
At the request of Old Lane, subject to completion of certain conditions precedent, L&T has agreed to purchase its small holding in L&T IDPL as a gesture of goodwill towards a longtime investor. Post the completion of this acquisition, L&T will hold 100% shareholding in L&T IDPL.
The cost of acquisition is Rs. 47.997 crore for 81,90,000 shares aggregating to 2.551% of the shareholding.
L&T Infrastructure Development Projects Limited was incorporated on February 26, 2001 and has been a pioneer of the Public Private Partnership (PPP) model of development in India, which involves the development of infrastructure projects by private sector players in partnership with the Central and State Governments. The company has since its inception completed landmark infrastructure projects across key sectors like Roads, Bridges, Ports, Airports, Water Supply, Hydel Energy and Urban Infrastructure.
Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1424.25 as compared to the previous close of Rs. 1424.8. The total number of shares traded during the day was 86519 in over 3982 trades.
The stock hit an intraday high of Rs. 1438.75 and intraday low of 1420.5. The net turnover during the day was Rs. 123439760.