L&T Innovation Campus to Merge with L&T Seawoods

21 Jul 2023 , 02:48 PM

 

L&T Innovation Campus (Chennai) Limited (LTICCL) is set to merge with L&T Seawoods Limited (LTSL), following the approval of the scheme of arrangement by the Board of Directors at a meeting held on July 19, 2023.

Both LTICCL and LTSL are wholly-owned subsidiaries of Larsen and Toubro (L&T). The merger aims to streamline operations and optimize resources, enhancing overall operational efficiency.

In addition to the merger, L&T’s Board of Directors is scheduled to convene on July 25 to approve the results for the second quarter ending June 30. During the board meeting, L&T will consider a share buyback of equity shares, adhering to the provisions of the Companies Act, 2013, and SEBI (Buyback of Securities) Regulations 2018.

The board will also deliberate on declaring a special dividend on equity shares for the financial year 2023. These initiatives underscore L&T’s commitment to rewarding shareholders and strengthening its financial position.

The proposed merger aligns with L&T’s strategy to optimize subsidiary operations and create synergies across its diverse business units. It reflects the company’s dedication to delivering value to stakeholders and leveraging opportunities for sustained growth.

The developments indicate a positive outlook for L&T, highlighting its focus on long-term value creation and sustainable growth.

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