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L&T acquires TIDCO's 3 pc stake in L&T Shipbuilding for Rs 32.74 cr

Press Trust of India  |  New Delhi 

(L&T) Thursday said it has purchased Ltd's (TIDCO) 3 per cent stake in its subsidiary Shipbuilding Ltd for Rs 32.74 crore.

"The company has purchased the entire stake held by Ltd (TIDCO) in Shipbuilding Ltd (LTSB), a subsidiary company, on April 10, 2019. TIDCO held 3 per cent stake in LTSB. The same has now been acquired by L&T, to make it a wholly owned subsidiary," said in a BSE filing.

L&T said it acquired TIDCO's stake pursuant to exercise of a put option which TIDCO had on Ltd which is the promoter of L&T Shipbuilding as agreed with TIDCO at the time of inception of L&T Shipbuilding.

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 company undertakes manufacture and building of warships, auxiliary vessels/crafts and specialised commercial ships.

In addition, also undertakes repairs and refits of both defence and commercial ships.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 11:05 IST