Larsen & Toubro Infotech today said its board has approved transfer of 25.1 per cent stake in its South African arm held by Befula Investments to Rossex Investments.
"The strategic investment committee of the board of directors has approved transfer of 25.1 per cent stake held by Befula Investments in Larsen & Toubro Infotech South Africa to Rossex Investment in order to broad base the local participation in terms of Broad-Based Black Economic Empowerment Act 2003 in South Africa," L&T Infotech said in a regulatory filing.
"Consequently definitive agreements will be executed between the parties to effect the proposed transfer," it added.
Further, pursuant to the said transfer there will be no change in the control of South Africa JV by the company and the company will continue to hold 74.9 per cent stake, the company said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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