The company will sell 51 percent of the equity stake in L&T Kobelco Machinery for a consideration of Rs 43.5 crore
Share price of Larsen & Toubro (L&T) fell 1.3 percent intraday on April 3 after the company said it will sell its stake in the joint venture with Kobe Steel.
The company has entered into a definitive agreement with Kobe Steel, a company registered in Japan, for the divestment of its entire stake in L&T Kobelco Machinery, a 51:49 joint venture between L&T and Kobe Steel, as per company press release.
The sale of shares is expected to be completed before the end of April 2019, subject to customary closing conditions.
The company will sell 51 percent of the equity stake in L&T Kobelco Machinery for a consideration of Rs 43.5 crore.At 1154 hours, Larsen & Toubro was quoting at Rs 1,393.85, down Rs 15.85, or 1.12 percent on the BSE.
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