Larsen & Toubro share price closed higher today after the engineering and construction firm said it would buy entire stake held by Old Lane Mauritius III Ltd in its subsidiary L&T Infrastructure Development Projects. L&T share price gained 2.26% intra day to Rs 1456.5 compared to the previous close of Rs 1424.25 on BSE.
The large cap stock ended 1.67% higher at Rs 1,448 compared to the previous close of Rs 1,424.25. L&T share price has gained after two days of consecutive fall. L&T share has gained 20% during last one year and risen 0.66% since the beginning of this year.Larsen & Toubro said it would buy 2.551% or 81,90,000 shares of its subsidiary L&T Infrastructure Development Projects for Rs 47.99 crore from Old Lane Mauritius III Ltd.
The acquisition is not a related party transaction. The transaction is done on an arms length basis.
L&T Infrastructure Development Projects has turnover of Rs 257.31 crore and a networth of Rs 2,503.58 crore as on March 31, 2019.
The share hit its 52-week high of Rs 1,606.70 and its 52-week low of Rs 1,183.40 on May 28, 2019 and October 23, 2018 respectively. Currently, it stood 10.9 percent below its 52-week high and 18.30 percent above its 52-week low.