Announced Tue, 4 Aug · 19:30 IST
L&T shareholders approve transfer of Realty business to subsidiary LTRPL
LT · price
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Price reaction · full curve 14 horizons · vs prior close
+1.8%1-day move
₹3990.00
prior close
₹4025.00
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
+0.9+0.9+0.8+0.8+1.8+1.3+2.3+1.4+0.8+1.7+1.6+0.2——
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AI summary
L&T equity shareholders approved the Scheme of Arrangement to transfer L&T's Realty Undertaking to wholly-owned subsidiary L&T Realty Properties Limited (LTRPL) as a slump sale at enterprise value of 6,300 Crs. 99.07 percent votes in favour, 0.93 percent against. No dilution for L&T shareholders since consideration is paid via equity shares issued by LTRPL to L&T.
Likely market impact
Realty business gets a dedicated platform for sharper focus and easier capital raising. No change in L&T shareholding or shareholder interests.