Shares of Larsen & Toubro (L&T) added more than 2 percent intraday on October 18 after the company is going to increase its stake in the subsidiary.
The company has agreed to purchase the entire stake held by Old Lane Mauritius III Ltd in L&T Infrastructure Development Projects, a subsidiary company, on October 17, 2019, as per company release on BSE.
The company is going to acquire 81,90,000 shares aggregating to 2.551 percent of the shareholding from Old Lane Mauritius III Ltd at the total cost of Rs 47.997 crore.
The acquisition is not a related party transaction and is done on an arm’s length basis, the company said.
The transaction will be completed subject to certain conditions precedent being fulfilled.
At 11:38 hrs, Larsen & Toubro was quoting at Rs 1,452.60, up Rs 28.35, or 1.99 percent, on the BSE.
The share touched its 52-week high Rs 1,606.70 and its 52-week low Rs 1,183.40 on May 28, 2019 and October 23, 2018 respectively.
Currently, it is trading 9.59 percent below its 52-week high and 22.75 percent above its 52-week low.
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