Larsen & Toubro Limited has informed the Exchange about Scheme of Arrangement
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Larsen & Toubro has received 'no adverse observation' letters from both BSE (dated March 18, 2026) and NSE (dated March 19, 2026) for its proposed Scheme of Arrangement with L&T Realty Properties Limited (LTRPL). The Scheme involves the slump sale of L&T's realty undertaking to LTRPL, its wholly-owned subsidiary, and was first approved by L&T's Board on December 8, 2025. With these exchange-level clearances in hand, L&T can now file the draft Scheme with the National Company Law Tribunal (NCLT) for further approval. The observation letters are valid for six months, within which the NCLT filing must be completed. BSE and NSE have included standard conditions around disclosures on financials, shareholding patterns, valuation rationale, and risk factors that L&T must comply with.
This is a procedural regulatory milestone and not a new development for shareholders. The move signals L&T's intent to ringfence its realty business into a separate entity, but actual execution still requires NCLT, shareholder, and creditor approvals. Short-term impact on the stock is likely neutral; the realty carve-out is a relatively small part of L&T's overall business.