Stock Report

L&T updates on merger of subsidiaries

Posted On : 2023-07-20 10:12:15( TIMEZONE : IST )

L&T updates on merger of subsidiaries

The Board of Directors of L&T Innovation Campus (Chennai) Limited (LTICCL) at its meeting held on July 19, 2023, has approved a Scheme of Arrangement for merger of LTICCL with L&T Seawoods Limited (LTSL). LTICCL and LTSL are wholly owned subsidiaries of the Company.

The said 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.

LTICCL shall ceased to be a subsidiary of the Company post receipt of approval necessary approvals and with effect from the effective date of the Scheme.

L&T Seawoods Limited (LTSL) is a wholly owned subsidiary of the Company and has operations in Navi Mumbai. It has completed development of 2.7 M sft of commercial/retail space and 2.1 M sft residential phase is partially completed/under development at Navi Mumbai. It has majority interest in SPVs which are undertaking residential development at Parel (2.8 m sft), Mulund (3.1 Msft) and Ghatkopar (1 Msft). The present net worth of LTSL is ~ Rs. 2500 Crore.

L&T Innovation Campus (Chennai) Limited (LTICCL) is a wholly owned subsidiary of the Company and it plans to commence 1.2 MSft residential and 2.1 MSft of IT/ITES commercial development at Chennai. LTICCL has three wholly owned subsidiaries, which are yet to commence commercial operations. The Equity share capital of LTICCL presently is ~ Rs. 7 Crore and has no revenue. Post merger of LTICCL with LTSL, its three subsidiaries shall become wholly owned subsidiaries of LTSL.

Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 2494.15 as compared to the previous close of Rs. 2474.90. The total number of shares traded during the day was 50426 in over 5532 trades.

The stock hit an intraday high of Rs. 2502.00 and intraday low of 2467.00. The net turnover during the day was Rs. 125513128.00.

Source : Equity Bulls


LarsenandToubro INE018A01030 Merger Update Subsidiaries