SUUTI sells 1.63% stake in L&T for Rs 2100 crore
Specified Undertaking of the Unit Trust of India (SUUTI) sold 1.63% stake in Larsen & Toubro (L&T) on Friday for Rs 2100 crore.
Neeraj Kumar Gupta, secretary for Department of Investment and Public Asset Management, in New Delhi told reporters that the government had offered 1.5% of its stake in the company to investors but got offers for 1.63% stake.
Government, through SUUTI, holds 8.16% stake (before today's sale) in L&T which is worth Rs 11,000.
Share price of L&T fell 1.3% at 1026 hours on BSE Sensex, at Rs 1426.10 per share.
Currently, in three block deal, SUUTI has sold nearly 79.5 lakh shares of L&T on BSE.
SUUTI also has stakes in ITC (11.17%) and Axis Bank (11.53%).
Gupta said that the government has no plans to sell stakes in the above two companies as of now.