L&T buys TIDCO's 3% share in L&T Shipbuilding

Last Updated: Thu, Apr 11, 2019 16:06 hrs
A sign of L&T is placed on a road divider in Mumbai

Mumbai: Engineering and contsruction conglomerate Larsen and Toubro (L&T) on Thursday announced it has bought the 3 per cent stake in its subsidiary -- L&T Shipbuilding Ltd -- previously held by the state-run Tamil Nadu Industrial Development Corporation for Rs 32.74 crore.

"The company has purchased the entire stake held by Tamil Nadu Industrial Development Corporation Ltd ('TIDCO') in L&T Shipbuilding Ltd (LTSB), a subsidiary company, on April 10," L&T said in a stock exchange filing.

"TIDCO held 3 per cent stake in LTSB. The same has now been acquired by L&T, to make it a wholly owned subsidiary," it added.

L&T Shipbuilding was incorporated on November 13, 2007, and currently operates a modern shipyard from Kattupalli, Chennai, carrying out shipbuilding and ship related activities, the filing said.

The company undertakes manufacture and building of warships, auxiliary vessels and specialised commercial ships, and had a turnover of over Rs 730 crore in fiscal 2017-18, it added.

The L&T stock closed on Thursday at Rs 1378.25 a share, up Rs 8.40, or 0.61 per cent, on its previous close on the BSE.