L&T seeks Sebi nod to sell its stake in Satyam

L&T, which operates in industries as diverse as engineering, shipbuilding and software, has sought the permission as an “enabling arrangement” and has not set a timeframe for selling its holding, the spokesman told Reuters on Wednesday.

Mumbai-based L&T had built up a 12 per cent stake in Mahindra Satyam, earlier known as Satyam Computer Services Ltd, before the sale of the company, which was rattled by India’s biggest corporate fraud.

In April, L&T lost out in the race for a controlling stake in the fraud-hit outsourcer, which was eventually bought by smaller rival Tech Mahindra Ltd — a unit of India’s Mahindra & Mahindra Ltd. Based on the expanded share capital after Satyam’s takeover, L&T’s stake in the company is at 6.9 percent, according to Thomson Reuters data. At the current Satyam share price, the holding is worth nearly Rs 900 crore ($190 million).