M&A M&A
L&T to acquire Sapura's 40% stake in offshore shipping JV for Rs.1,224-Cr
Source Economic Times (opens in a new tab)BSE Announcement (opens in a new tab)
Mumbai-based, publicly listed Larsen & Toubro (L&T) is to acquire the remaining 40% stake in L&T Sapura Shipping Pvt Ltd (LTSSPL) from Sapura Nautical Power Pte Ltd for INR 1,223.9 crore. The acquisition involves the purchase of 63.54 crore equity shares at INR 19.26 per share.Post acquisition, L&T will hold 100% ownership of LTSSPL, making it a wholly owned subsidiary. Additionally, LTSSPL will repay shareholder loans aggregating USD 16.93 million to Sapura.Incorporated in September 2010, LTSSPL owns and operates a heavy lift cum pipe-lay vessel (HLPV), which is used for the installation of offshore platforms and for laying subsea pipelines and cables for the hydrocarbon upstream industry.