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L&T will sell Satyam stake to raise funds worth $65 mn

L&T will sell Satyam stake to raise funds worth $65 mn
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First Published: Fri, Nov 13 2009. 12 09 AM IST
Updated: Fri, Nov 13 2009. 12 09 AM IST
Bangalore: Leading engineering and construction firm Larsen and Toubro Ltd (L&T) will raise $65 million (Rs302 crore) by selling one-third of its stake in Mahindra Satyam Ltd on Friday, a television channel said on Thursday. L&T will sell 27 million shares in Mahindra Satyam at Rs112.50 each, CNBC-TV18 reported, without citing any sources. L&T owns 81 million shares in Mahindra Satyam, the channel said, adding the firm had hired Nomura for the share sale. A spokesman for L&T refused to comment on the report and officials at Nomura could not immediately be reached. In April, L&T lost the race for control of the outsourcer to Tech Mahindra Ltd, a unit of Mahindra and Mahindra Ltd.
L&T had built up a 12% stake in Satyam, but the expansion of share capital because of the takeover meant it held 6.9% in Mahindra Satyam. At the current share price, the holding is worth nearly Rs951 crore.
Under the conditions of the Satyam sale, bidders were barred from selling stakes acquired prior to the bid for six months, as they were given access to financial information that was not public at that time.
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First Published: Fri, Nov 13 2009. 12 09 AM IST