L&T may sell Mahindra Satyam stake
Larsen & Toubro (L&T) is believed to be planning to sell its stake in Mahindra Satyam as they applied for permission from market regulator SEBI.
L&T was a bidding candidate at the time of Satyam Computers sale off in April 09. For bidding purpose they increased their stake to 12% but unfortunately they lost the battle to Tech Mahindra which won the bid and later on changed the name of fraud-hit company as Mahindra Satyam.
Now engineering and construction major Larsen & Toubro (L&T) has no strategic intrest in Mahindra Satyam and wants to exit from the scrip but after getting the permission from SEBI, they will consider market conditions before quitting from scrip.
L&T’s CMP is Rs 1640.75 on 12th Nov 09.
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