L&T raises Rs 303cr via Mah Satyam stake sale; stk up

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L&T raises Rs 303cr via Mah Satyam stake sale; stk up

L&T has sold 2.7 crore shares at Rs 112.45 per share. The company has raised Rs 303 crore via Mahindra Satyam stake sale, reports CNBC-TV18. The share touched an intraday high of Rs 1,644 and an intraday low of Rs 1,635.50. At 09:57 am, the share was quoting at Rs 1,642.50, up Rs 2.10, or 0.13% on the NSE.

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Larsen & Toubro (L&T) has sold 2.7 crore shares at Rs 112.45 per share. The company has raised Rs 303 crore via the Mahindra Satyam stake sale, reports CNBC-TV18.

Commenting on the same, Udayan Mukherjee, Managing Editor, CNBC-TV18, says, "I don't know whether there is a technical element to just having sold 2.7 crore shares because that was exactly the first block that they bought but they should clean out their stable. Now that they have taken a call in principle that this is not going to be a strategic holding for them. I don't know whey they are selling it piecemeal unless they believe that they should get higher trading gains by selling in a staggered manner. In L&T shoes, once the call is out then you are not a mutual fund manager; it is stock that you own, you are making profits and you have made 40% profit on that one, so just clean the whole book out. You made a tidy sum on a bid which did not work out and get back to your core business, unless they are going to sell in the next couple of days, which is fine."

The company's shares touched an intraday high of Rs 1,644 and an intraday low of Rs 1,635.50. At 09:57 am, the share was quoting at Rs 1,642.50, up Rs 2.10, or 0.13% on the NSE. It was trading with volumes of 40,653 shares. Yesterday, the share closed up 0.08%, or Rs 1.35, at Rs 1,640.40. At 10:06 am, Mahindra Satyam was quoting Rs 111.7 per share, down Rs 5.75, or 4.9%

L&T had bought 2.7 crore shares of Mahindra Satyam in December 2008 at an average price of around Rs 170 per share, for a total consideration of Rs 460 crore. On January 23, it bought an additional 5.08 crore shares at Rs 34.50 per shares, taking its total holding to 8.1 crore shares in Mahindra Satyam. CNBC-TV18 learns that Nomura is the banker of the deal.