L&T Q1 Results: L&T board approves investment of ₹506 crore in L&T Energy Green Tech. Check details
₹2,493 crore which was 46% more than ₹1,702 crore reported during the corresponding quarter in the previous fiscal year. The L&T board also approved an “additional investment of an amount upto ₹506 crore (Rupees Five Hundred and Six Crore only) in L&T Energy Green Tech Limited, existing subsidiary of the company." The investment amount will not exceeding ₹506 crore, the company said. The proposed investment will be made either by subscribing to equity or preference shares or by way of Inter Corporate Deposits or company guaranteed debt or a combination of these and will be done at "arm's length".
The investment in shares will be made at the face value and there will be no change in shareholding post the investment, the company said the regulatory filing. L&T board also approved a ₹10,000 crore share buyback at upto ₹3,000 per share and a special dividend of ₹6 per share, subject to the approval of shareholders, along with the announcement of quarterly results today. In a regulatory filing to the stock exchanges, L&T said, ‘’Special Dividend of Rs.
6/- (Rupees Six only) per equity share i.e. 300% on face value of Rs. 2/- each, for the Financial Year 2023-24.
As informed earlier, the record date for the purpose of payment of dividend is Wednesday, August 2, 2023. This will be paid on or before August 14, 2023.'' L&T Energy Green Tech Limited (LTEGL), formerly known as L&T Power Limited, is an existing subsidiary of Larsen & Toubro Limited. And the total income of LTEGL as at March 31, 2023 was ₹21.19 lakhs.
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