The Board of Directors of Larsen & Toubro (L&T) Innovation Campus (LTICCL) has approved a merger scheme with L&T Seawoods Limited (LTSL) on July 19, 2023. Additionally, L&T announces consideration of a share buyback and special dividend at its board meeting next week.
L&T, one of India’s leading engineering and construction conglomerates, is taking strategic steps to streamline its subsidiaries and enhance shareholder value. The company’s Board of Directors approved the scheme of arrangement for the merger between L&T Innovation Campus (Chennai) Limited and L&T Seawoods Limited.
This merger is expected to bolster operational efficiencies and synergies within the L&T Group, further reinforcing its market position in the engineering and technology landscape.
Moreover, in its pursuit of creating shareholder wealth, L&T will discuss a share buyback at its upcoming board meeting scheduled for July 25, 2023. The buyback proposal will be in accordance with the provisions of the Companies Act, 2013, and SEBI (Buyback of Securities) Regulations 2018.
Additionally, L&T’s board will consider a special dividend on equity shares for the financial year 2023, signaling the company’s commitment to rewarding its investors for their continued support and confidence.
These strategic moves come as L&T continues to demonstrate robust financial performance and a vision to optimize its business structure. By focusing on consolidation, mergers, and value-enhancing initiatives, L&T aims to reinforce its position as a leading player in India’s infrastructure and technology sectors.
As the company gears up to announce its second-quarter results for the period ending June 30, 2023, investors and stakeholders eagerly await further details on the share buyback and dividend announcements. The proposed measures indicate L&T’s commitment to maximizing shareholder returns and solidifying its standing as a prominent and shareholder-friendly organization.
