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L&T Sells 11.5 pct in UltraTech for $219 mln

11 June, 2009

Larsen & Toubro sold its entire 11.5 percent holding in UltraTech Cement on Thursday for about 10.4 billion rupees ($219 million), bankers involved in the deal said.

Data from the National Stock Exchange showed 14.3 million shares were sold in block deals at 725 rupees each.

On Wednesday, two sources with knowledge of the deal had told Reuters Larsen & Toubro was planning to sell the holding.

The stake was sold to a clutch of institutional investors, bankers involved in the deal said.

Aditya Birla Group, which runs UltraTech and had the first right of refusal to buy the shares, did not participate in the block deals, they added.


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L&T Sells 11.5 pct in UltraTech for $219 mln

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