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L&T Technology Services Limited — M&A Activity 2024
Feb 23, 2024
59063_rns_2024-02-23_b2126b4b-8ab0-4ddd-bbc4-1a15b770f5eb.pdf
M&A Activity
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L&T Technology Services Limited A.M. Naik Tower,6th Floor, L&T Campus, Gate No.3, Jogeshwari-Vikhroli Link Road, Powai, Mumbai-400072. www.ltts.com
February 23, 2024
National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (E), Mumbai- 400 051 NSE Symbol: LTTS
BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 BSE Scrip Code: 540115
Subject: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir/Madam,
We wish to inform you that Orchestra Technology Inc. has ceased to be step-down wholly owned subsidiary of the Company w.e.f. February 1, 2024, consequent to its merger with L&T Technology Services LLC, wholly owned subsidiary of the Company.
The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023, are enclosed herewith.
This is for your information and record.
Thanking you,
Yours Sincerely,
For L&T TECHNOLOGY SERVICES LIMITED
Prajakta Digitally signed by Prajakta Ashish Ashish Powle Date: 2024.02.23 Powle 16:16:36 +05'30'
PRAJAKTA POWLE COMPANY SECRETARY & COMPLIANCE OFFICER (M. No. A 20135)
Registered Office: L&T House, N. M. Marg, Ballard Estate, Mumbai - 400 001. INDIA CIN : L72900MH2012PLC232169 Tel: +91 22 6752 5656 Fax: +91 2267525858 L&T Technology Services is a subsidiary of Larsen & Toubro Limited
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L&T Technology Services Limited A.M. Naik Tower,6th Floor, L&T Campus, Gate No.3, Jogeshwari-Vikhroli Link Road, Powai, Mumbai-400072. www.ltts.com
| Sr.No. | Particulars | Details |
|---|---|---|
| 1. | Name of the entity(ies) forming part ofthe amalgamation/merger, details in briefsuch as, size, turnover etc.; | Merger of Orchestra Technology Inc (step-down wholly owned subsidiary)/ transfereeCompany with L&T Technology Services LLC,(whollyownedsubsidiary)/TransferorCompany.Turnover for FY 2022-23:L&T Technology Services LLC - INR 8,878 MnOrchestra Technology Inc - INR 2,540 Mn |
| 2. | Whether the transaction would fall withinrelatedpartytransactions?Ifyes,whether the same is done at “arm’slength” | The merger is between a step-down whollyowned subsidiary (Orchestra TechnologyInc.) with a wholly owned subsidiary (L&TTechnology Services LLC).LTTS is not apartyto the said merger. |
| 3. | Area of business of the entity(ies); | Orchestra Technology Inc.: EngineeringSolution Company serving Telecom sectorL&T Technology Services LLC: Engineeringservices which include Mechanical Design &Analysis, Embedded Engineering, AppliedEngineering,and ManufacturingConsulting |
| 4. | Rationale for the amalgamation/merger | The merger stabilizes the operating cost ofentities and results in synergies, efficientutilization of capabilities and resources. |
| 5. | In case of cash consideration - amount orotherwise share exchange ratio | Not applicable, as a step-down whollysubsidiary has been merged with a whollyowned subsidiary. |
| 6. | Brief details of change in shareholdingpattern(if any)of listed entity | Not applicable |
Registered Office: L&T House, N. M. Marg, Ballard Estate, Mumbai - 400 001. INDIA CIN : L72900MH2012PLC232169 Tel: +91 22 6752 5656 Fax: +91 2267525858 L&T Technology Services is a subsidiary of Larsen & Toubro Limited