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The board of Larsen &Toubro has approved a scheme of arrangement for consolidating the assets and liabilities of its hydrocarbon business with its wholly owned subsidiary L&T Hydrocarbon Engineering Ltd (LTHE). For this, LTHE will pay L&T Rs 1,760 crore in cash.
The appointed date of the scheme would be April 1, 2013, said a statement from L&T.
On May 21, SEBI had scrapped the requirement of an independent valuation report for mergers and acquisitions that do not alter the shareholding pattern.
All assets and liabilities would be transferred at book value and there would be no issue of shares by LTHE to the shareholders of the company post the transfer of the hydrocarbon business.
LTHE would continue to remain L&T’s 100 per cent subsidiary.
This entails operating in the businesses of oil & gas, petroleum refining, chemicals & petrochemicals and fertilisers. All activities from front end design through engineering, procurement, fabrication, project management, construction and installation up to commissioning services would be transferred to LTHE.
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