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Last Updated : Apr 11, 2019 11:10 AM IST | Source: Moneycontrol.com

L&T gains on acquiring entire stake in subsidiary

The company acquired the stake for a cash consideration of Rs 32.74 crore.

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Shares of Larsen & Toubro (L&T) rose more than 1 percent intraday Thursday after company bought entire stake in its subsidiary company.

The company has purchased the entire stake held by Tamil Nadu Industrial Development Corporation in L&T Shipbuilding, a subsidiary company.

Tamil Nadu Industrial Development Corporation held 3 percent stake in L&T Shipbuilding.

The company acquired the stake for a cash consideration of Rs 32.74 crore.

The acquisition is not a related party transaction and transaction is done on an arms length basis.

At 11:01 hrs Larsen & Toubro was quoting at Rs 1,386, up Rs 16.15, or 1.18 percent on the BSE.

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First Published on Apr 11, 2019 11:10 am
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