Larsen & Toubro on Tuesday said its board has approved the amalgamation of the company’s wholly-owned arm L&T Hydrocarbon Engineering Ltd with the parent firm.
The go-ahead was given in the meeting of the board of directors held on Monday, Larsen & Toubro said in a filing to BSE.
“The board of directors of Larsen & Toubro Ltd….has considered and approved a scheme of arrangement for amalgamation of L&T Hydrocarbon Engineering Ltd (LTHE) a wholly-owned subsidiary of the company) with the company,” the filing said.
The merger plan is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal/other regulatory authority and the respective shareholders and lenders/creditors of each of the companies involved in the scheme, the filing said.
Source: Economic Times