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L.T. Elevator Limited to acquire Hyderabad-based Ricardo for up to Rs 12.99 crores
13-Aug-2026, 11:25
L.T. Elevator Limited is acquiring 100% ownership of Ricardo, a Hyderabad-based company engaged in the elevator and lift systems business, for up to Rs 12.99 crores. The acquisition will be financed through a preferential issue of up to 4,61,000 equity shares at a price of Rs 281.86 per share to Muralidharan Akshaya, Chandrakala Kallepelli, Prathyusha Peddeham, and Deepika Hemnani. Ricardo reported a turnover of Rs 4.04 crores in fiscal year 2025 and Rs 12.08 crores in fiscal year 2026. Simultaneously, L.T. Elevator Limited appointed M/s A. Singhi & Co as internal auditor and M/s. Himanshu S K Gupta & Associates as secretarial auditor, both for the financial year 2026-27, during a board meeting on August 13, 2026.
L.T. Elevator Limited is acquiring 100% ownership of Ricardo, a Hyderabad-based company engaged in the elevator and lift systems business, for up to Rs 12.99 crores. The acquisition will be financed through a preferential issue of up to 4,61,000 equity shares at a price of Rs 281.86 per share to Muralidharan Akshaya, Chandrakala Kallepelli, Prathyusha Peddeham, and Deepika Hemnani. Ricardo reported a turnover of Rs 4.04 crores in fiscal year 2025 and Rs 12.08 crores in fiscal year 2026. Simultaneously, L.T. Elevator Limited appointed M/s A. Singhi & Co as internal auditor and M/s. Himanshu S K Gupta & Associates as secretarial auditor, both for the financial year 2026-27, during a board meeting on August 13, 2026.