Larsen & Toubro (L&T)
in its press note to the exchanges informed that the company’s board has approved a Scheme of Arrangement for a merger of its wholly owned subsidiary, L&T Shipbuilding.
The merger is subject to necessary statutory and regulatory approvals including the approvals of National Company Law Tribunal/other regulatory authority and the respective Shareholders and Lenders/Creditors of each of the companies involved in the scheme, the company said in a press note on Saturday.
The scheme will be filed with the stock exchanges as per the applicable provisions of Regulation 37 of SEBI LODR, the company added.
Meanwhile, the company reported adjusted PAT for Q4FY19
at Rs3,418cr, which grew by 7.9% yoy. Net profit came below expectation of Rs3,650cr. Larsen and Toubro Ltd’s revenue grew by 10.5% yoy to Rs44,934cr. EBITDA came in at Rs5,599cr, up 3.5% yoy. EBITDA margin contracted by 85bps yoy to 12.46%.
Larsen & Toubro Ltd's share price ended at Rs1,355.25, down by Rs1.45 or 0.11%, from its previous close of Rs1,356.70 on the BSE.
The scrip opened at Rs1,364.40 and touched a high and low of Rs1,364.40 and Rs1,345.80, respectively. A total of, 15,88,026 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs1,90,104.90cr.