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Last Updated : Aug 20, 2019 03:44 PM IST | Source: Moneycontrol.com

LT Foods rises nearly 6% on transfer of investments in subsidiary

The company approved transfer of investments in LT Foods International, U.K, (wholly owned subsidiary of the company) to LT Overseas North Americas Inc., USA.

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Shares of LT Foods rose nearly 6 percent intraday August 20 after the company approved the transfer of its investments in one subsidiary company to another subsidiary.

The company is its press release said with an intent to consolidate its international business, it approved transfer of investments in LT Foods International, U.K, (wholly-owned subsidiary of the company) to LT Overseas North Americas Inc., USA, another wholly-owned subsidiary of the company at fair value as determined by an independent merchant bank.

The transfer is a first step towards the long-term goal of the company to consolidate its global businesses under one entity, thereby make its overseas business structure leaner, it added.

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LT Overseas NA currently houses the US business of the company which accounts for 36 percent of the consolidated revenues and LT Foods International, UK currently houses the European operations of

the Business which account for 6.40 percent of consolidated revenues for the year ended March, 2019.

LT Foods ended at Rs 22.70, up Rs 0.50, or 2.25 percent. on the BSE.

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First Published on Aug 20, 2019 03:44 pm
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