L&T Seeks Rs. 9 Billion Go-Ahead

by CXOtoday Staff    Aug 05, 2009

Engineering and construction giant Larsen & Toubro has sought permission from market regulators to sell its stake in Mahindra Satyam, the erstwhile Satyam Computer Services.

L&T has sought the permission under an "enabling arrangement" and has not set a timeframe for selling its holding, a news agency reported today.

The company holds 6.9 percent share in Mahindra Satyam, which at current market price is worth approx. Rs 9 billion.

Earlier, in April 2009, L&T, one of the suitors for Satyam Computer, had lost out in the bid for controlling stake in the scam-tainted BPO company to Tech Mahindra, a Mahindra & Mahindra group company. 

As per the Satyam sale conditions, bidders are barred from selling their stakes for six months, as they were privy to Satyam’s financial information - which was not made public at that time.

Now that Satyam has revealed the financial figures ahead of the launch of an open offer by Tech Mahindra, L&T has sought the permission of the regulators to sell its stake in Mahindra Satyam.