Larsen & Toubro (L&T) rose 1.05% to Rs 2,190 after the company said that its wholly owned subsidiary, Larsen & Toubro International FZE (LTIFZE) has entered into a share purchase agreement to purchase stake in OPRO.AI INC., a Delaware Corporation.
The EPC major said that its arm will acquire minority stake in the target company with the objective of realizing business synergies with relevant businesses of L&T Group.
The aggregate cost of acquisition is $1 million for acquiring 869,565 shares of Series A Preferred Stock. The indicative time period for completion of the acquisition is 9 December 2022.
OPRO.AI Inc. was incorporated in 2021 in the state of Delaware and offers system optimization for process industries, leveraging its Industrial AI platform, AI/ML techniques and algorithms, to achieve higher yields, lower energy use, reduced emissions, safer and stabilized operations.
Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.
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The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.
The counter hit a record high of Rs 2,191.10 in intraday today.
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