Shares of L&T
were trading higher in the afternoon session the company has signed an agreement to buy the entire stake of Old Lane Mauritius III Ltd in L&T Infrastructure Development Projects (L&T IDPL) for Rs47.997cr and the share purchase agreement was executed on Oct 17, 2019.
The company will buy 2.55% stake (81.90 lakh shares) of Old Lane in L&T IDPL. At the request of Old Lane, subject to completion of certain conditions precedent, L&T has agreed to purchase its smallholding in L&T IDPL as a gesture of goodwill towards a long-time investor, the company said in the filing.
Post the completion of this acquisition, L&T will have 100% shareholding in L&T IDPL. The acquisition is not a related party transaction. The transaction is done on an arm's length basis, the company said.
Larsen & Toubro Ltd is currently trading at Rs1,446.35, up by Rs22.1 or 1.55% from its previous closing of Rs1,424.25 on the BSE.