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L&T To Buy Old Lane Mauritius III’s Stake In Subsidiary For Rs 48 Crore

Larsen & Toubro will buy 2.55 percent stake, or 81.90 lakh shares, of Old Lane Mauritius III in L&T IDPL.

Trainees learn carpentry at L&T Construction Skills Training Institute in Panvel, Maharashtra, India. (Photographer: Adeel Halim/Bloomberg)
Trainees learn carpentry at L&T Construction Skills Training Institute in Panvel, Maharashtra, India. (Photographer: Adeel Halim/Bloomberg)

Larsen & Toubro Ltd. has signed an agreement to buy the entire stake of Old Lane Mauritius III Ltd in L&T Infrastructure Development Projects Ltd. for Rs 47.9 crore.

The share purchase agreement was executed on Thursday, L&T said in a filing to the Bombay Stock Exchange on Thursday. It will buy 2.55 percent stake, or 81.90 lakh shares, of Old Lane in L&T IDPL.

"At the request of Old Lane, subject to completion of certain conditions precedent, L&T has agreed to purchase its small holding in L&T IDPL as a gesture of goodwill towards a longtime investor," the filing said. Post the completion of the acquisition, L&T will have 100 percent shareholding in L&T IDPL.

"The acquisition is not a related party transaction. The transaction is done on an arm's length basis," the filing said.

L&T IDPL, a subsidiary of L&T, was incorporated in February 2001.