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

L. T. Elevator Ltd's Board of Directors has approved the discontinuation of the proposed merger with Ricardo Elevators Private Limited and will instead pursue an acquisition of 100% equity shareholding of Ricardo. This will be executed through a share swap, involving a preferential issue of up to 4,61,000 equity shares of face value Rs. 10 each at an issue price of Rs. 281.86 per share. The total consideration for the preferential issue amounts to approximately ₹12.99 crore, to be discharged through shares other than cash. This strategic shift aims for greater flexibility and efficiency in achieving the company's objectives.