The EPC major on Thursday announced that its wholly owned subsidiary, L&T Realty Developers has entered into an agreement to sell its entire stake of 99% in Think Tower Developers (TTDPL) for Rs 1 lakh.
The agreement is expected to complete on 30 January 2023, which is subject to the completion of closing conditions.
TTDPL shall cease to be a subsidiary company, pursuant to the sale, said the company.
The entire stake held by L&T Realty Developers in TTDPL is being sold to Pratik Harshad Kalsariya, who does not belong to the promoter group, the company stated in the press release.
Larsen & Toubro (L&T) is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.
The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.
Shares of Larsen & Toubro were up 0.48% to Rs 2,095.10 on the BSE.
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