Infrastructure major Larsen & Toubro (L&T) on Tuesday said it has entered into an agreement to transfer its data centre and cloud services business to wholly owned subsidiary Vyoma.AI Ltd for Rs 1,400 crore.
The transfer will be carried out on a going-concern basis through a slump sale, the company said in a filing to BSE. The consideration, subject to closing adjustments, will be discharged through the issue of fully paid-up equity shares of Vyoma.AI.
“Consideration estimated to be Rs 1,400 crore, subject to closing adjustments. The consideration for the ….transfer shall be discharged by Vyoma through issuance and allotment of fully paid up equity shares of face value of Rs 100 each to the company, based on the valuation determined by an independent valuer,” the filing said.
In a separate transaction, L&T, Vyoma.AI and L&T Network Services Pvt Ltd (LTNSPL) have entered into a share purchase agreement for the transfer of L&T’s entire equity holding in LTNSPL to ..
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