LT Elevator to acquire Ricardo Elevators 100% via share swap, drops merger plan
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved acquiring 100% of Ricardo Elevators Private Limited through a share swap instead of the earlier planned merger. LT Elevator will issue up to 4,61,000 equity shares at Rs 281.86 each, totalling about Rs 12.99 crores. Ricardo, based in Hyderabad, sells elevators and lift systems with FY26 turnover of Rs 12.08 crores. It will become a wholly owned subsidiary. The deal aims to build a B2C distribution network across India. Expected to complete within 120 days, subject to approvals.
Share swap will cause marginal dilution. Shift from merger to acquisition may speed up completion. Strategic push into B2C elevator market.