A.M. Naik sells L&T shares worth `72 cr in 20 days1 min read . Updated: 31 Mar 2014, 06:21 PM IST
CEO and whole time director also offload part of their shares
New Delhi: Top executives of Larsen and Toubro Ltd (L&T) are on a share selling spree, with executive chairman A.M. Naik leading the pack. Naik has sold his 567,000 shares in the company worth about 71.99 crore in the last 20 days, the company’s filings to BSE in March showed.
Two other top officials, chief executive officer (CEO) K. Venkataramanan and whole time director Shailendra N. Roy, have also offloaded part of their shares in the same period. Naik has offloaded 0.058% of the 0.266% cent he had in the company, in as many as six transactions since 10 March, amounting to 719,859,585. Post these transactions, he now holds 0.205% stake or 1,900,000 shares in the company, the filings showed. Naik’s last share sale happened on 27 March, when he sold 117,500 company shares worth 151,542,375. This was intimated to the stock exchanges on Monday by L&T.
Company CEO Venkataramanan had sold 10,000 of 8,52,873 shares he held in L&T, for about 1.26 crore on 14 March. He now has 842,873 shares in the company, amounting to a 0.091% stake.
Besides, Roy, a whole time director of the company, has offloaded his 3,500 shares worth about 44.70 lakh in three tranches on 19, 26 and 27 March. He now holds a 0.0058% stake or 54,050 shares in the company.
L&T is a company that does not have a promoter. Its largest shareholder is Life Insurance Corp. of India (LIC), which held a 17.06% stake as on December 2013. The L&T Employees Welfare Foundation, with an 11.80% stake, and the central government through the administrator of the Specified Undertaking of the Unit Trust of India (8.20% stake) are its second and third largest shareholders, respectively. None of the company executives, including chairman Naik, holds more than 1% stake in the company.