The Board of Directors of L&T Technology Services Limited (LTTS / the Company) at its meeting held on October 19, 2021 has approved the scheme of amalgamation of the following wholly owned subsidiaries with the Company:
1. Esencia Technologies India Private Limited (Esencia)
2. Graphene Semiconductor Services Private Limited (Graphene)
3. Seastar Labs Private Limited (Seastar)
The Scheme is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal/other regulatory authority and the respective Shareholders and Lenders/Creditors of each of the companies involved in the Scheme.
The Transferor Companies and the Transferee Company are collectively operating in the business of providing Engineering Research & Development solutions to its customers in same geographies with similar profiles and can be conveniently combined and managed by the Transferee Company for leveraging superior delivery to customers and financial capability of the Transferee Company for mutual benefit. The proposed Scheme will also stabilize the operating cost of entities and result in synergies, efficient utilization of capabilities and resources.
As the Transferor Companies are wholly-owned subsidiaries of the Transferee Company, the entire share capital of the Transferor Companies are held by the Transferee Company. Therefore, upon the proposed scheme becoming effective, all shares held by the Transferee Company in the share capital of the Transferor Companies as on the Effective Date shall stand cancelled, without any further act or deed.
Shares of L&T Technology Services Limited was last trading in BSE at Rs. 4730.95 as compared to the previous close of Rs. 4957.75. The total number of shares traded during the day was 73293 in over 14342 trades.
The stock hit an intraday high of Rs. 5040.15 and intraday low of 4577.05. The net turnover during the day was Rs. 346299616.00.