The company made the announcement after market hours on Thursday, 28 March 2013.
Meanwhile, the S&P BSE Sensex was up 51.11 points or 0.27% at 18,886.88.
On BSE, 5,150 shares were traded in the counter as against average daily volume of 2.06 lakh shares in the past one quarter.
The stock hit a high of Rs 1,377.15 and a low of Rs 1,370 so far during the day. The stock had hit a 52-week high of Rs 1,719.50 on 29 October 2012. The stock had hit a 52-week low of Rs 1,106.40 on 4 June 2012.
The stock had outperformed the market over the past one month till 28 March 2013, sliding 0.07% compared with the Sensex's 0.14% fall. The scrip had, however, underperformed the market in past one quarter, declining 15.65% as against Sensex's 3.13% fall.
The large-cap engineering and construction company has equity capital of Rs 123.08 crore. Face value per share is Rs 2.
L&T said that with this acquisition of Audco India (AIL), the company obtains full ownership of AIL and acquires the key product lines, viz. gate, globe and check valves, forged steel GGC valves, ball valves, butterfly valves (including Aquaseal rubber-lined valves and triple offset butterfly valves. L&T will retain the manufacturing plants at Manapakkam (Chennai) and Kanchipuram of AIL, the company said in a statement.
L&T said that this acquisition is in line with the company's overall portfolio rationalization. The deal will help grow L&T's Valve Business globally with a comprehensive range of valve offerings. Together L&T and AIL will provide cutting-edge flow-control solutions to global oil & gas and power sectors.
AIL is one of the leading manufacturer of industrial valves and a joint venture (JV) with Audco, UK, a wholly owned subsidiary of Flowserve Corporation, USA (Flowserve). AIL is a preferred manufacturer for critical valves including cryogenic, low-emission and large-size valves. AIL's international customers includes world-leaders in oil & gas and global EPC majors.
L&T's net profit rose 13.1% to Rs 1121.75 crore on 10.3% growth in net sales to Rs 15429.36 crore in Q3 December 2012 over Q3 December 2011.
L&T is a $13.5 billion leading engineering, construction, manufacturing and financial services conglomerate with global operations.
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