L&T sells 1.4% stake of financial services arm for $26M

Diversified business conglomerate Larsen & Toubro Ltd (L&T) has sold 1.4 per cent stake in its public listed subsidiary L&T Finance Holdings Ltd for Rs 161.25 crore ($26.1 million) through open market transaction on Thursday.

The company sold 24 million shares at Rs 67 each.

It counts Malaysian sovereign wealth fund Khazanah among its shareholders.

The firm has a presence in 23 states of the country and operates in five business groups including infrastructure finance, retail finance, corporate finance, investment management and housing finance.

Last month, the company's CFO Chandrashekhar Damle resigned from his services.

For the quarter ended in Dec 2014, L&T Finance had revenues of Rs 1571.9 crore. Its net profit rose to Rs 180.9 crore as compared with with Rs 109 crore in the same quarter in 2013.

L&T held 74.97 per cent stake in the firm as of December 31, 2014, which has now come down to 73.5 per cent.

Shares of L&T were trading at Rs 1751.40 each, up 4.25 per cent on BSE in a strong Mumbai market on Friday at 2.55 PM.

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