“We have approached Sebi to give us a waiver under the standstill agreement, but not taken any decision to sell the stake,” a L&T spokesperson said.
He said L&T would need to hold the stake in Mahindra Satyam at least till mid-October as per the standstill agreement. With the intention to takeover, L&T had built up stake in Satyam after the IT firm ran into crisis. However, Tech Mahindra went on to win the bid for Satyam and thus L&T was left with holding a minority stake in the company.
Standstill agreement prevents bidders which had bid to take over Satyam Computers from selling their stake in the firm for six months from the date of signing of the final sale agreement to avoid volatility in the scrip.
L&T which currently holds 8.4 per cent stake in Mahindra Satyam said that its investment is no longer a “strategic” one but should be seen as a ‘portfolio investment’.
“Since it is a portfolio investment, we can hold the stake in the company as long as we like,” the official said.
