Friday, November 13, 2009
L&T, the legend in construction engineering, shipbuilding and software, has decided to sell 27 million shares in Mahindra Satyam at 112.50 rupees each. Mumbai-based L&T owns 81 million shares in Mahindra Satyam
L&T had 12.04 per cent share holding in Mahindra Satyam, which subsequently got diluted with fresh issue of shares to the Mahindras, which took over the IT services company. In Dec. '08, L&T Capital, a subsidiary of L&T, picked up a 3.95 per cent stake in Satyam. The purchase price was estimated to be Rs 418 crore at an average Rs 157 a share. In January 2009, L&T purchased 3.9 crore Satyam shares on the NSE at an average price of Rs 34.52 and 1.18 crore shares at an average price of Rs 35.07 on the BSE.
Sources say the book for selling 2.7 crore shares in Mahindra Satyam opened thursday and the deal will be executed on Friday on the exchanges. The price will be around Rs 112.50 per share
At the current market price, the holding is worth nearly 9.51 billion rupees ($204 million).