Govt's SUUTI selling up to $594 million stake in L&T - terms | Reuters

MUMBAI The government's trust fund Specified Undertaking Of The Unit Trust of India (SUUTI) is selling a stake worth up to $594 million in engineering firm Larsen & Toubro Ltd in a block trade on Friday, according to a deal term sheet seen by Reuters.The base deal size for an up to 1.5 percent stake in L&T is worth about $297 million while the upsized deal for an up to 3 percent stake could be worth as much as $594 million at a floor price of 1415.66 rupees a share, the term sheet showed.The floor price is a 2 percent discount to L&T's Thursday closing price of 1444.55 rupees on the BSE stock exchange.

SUUTI owned more than 8 percent of L&T as of end-September, according to stock exchange data.

(Reporting by Savio Shetty)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Nov 03, 2016 22:15 PM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See