L. T. Elevator to acquire Ricardo Elevators via share swap

L. T. Elevator Limited's Board of Directors has approved the acquisition of 100% equity shareholding of Ricardo Elevators Private Limited through a share swap. This decision follows the discontinuation of a proposed merger between the two entities. The company will issue up to 4,61,000 equity shares at an issue price of Rs. 281.86 per share, totaling an aggregate consideration of approximately Rs. 12.99 crore, discharged through a preferential issue for consideration other than cash. This strategic shift aims to expedite the transaction and gain complete ownership and control of Ricardo Elevators.