Engineering and Infrastructure Conglomerate Larsen & Toubro Ltd. (L&T), will be acquiring up to 21% stake in E2E Networks Ltd. through a preferential issue of shares, it said in an exchange filing on Tuesday, November 5.
L&T will be first issued 29.79 lakh equity shares of E2E Networks, which carry a face value of ₹10, at a price of ₹3,622.25 apiece for an aggregate amount of ₹1,079 crore. The issue price is at a discount of nearly 24% to Monday’s closing price of E2E Networks.
Shares of E2E Networks have risen 800% in the last 12 months.
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