L&T Offloaded it’s 11% stake in Ultra Tech Cement

Today on 11th June L&T(Larsen & Toubro) offloaded it’s entire stack in Ultra Tech Cement which was 11%, to a group of investors.Near about 13.67 mn shares were traded in a single transaction on NSE

.Shares of Ultra Tech Cement have declined by over 4.02% to Rs732 on NSE and 3.66% to Rs735 on BSE and the shares of L&T increased by o.25% to Rs1627 on NSE but declines 0.55% on BSE with volumes of over one mn shares on NSE.

Grasim Industries a flagship cement firm of the Aditya Birla Group along with associates has the right of first refusal to acquire the L&T’s stack because it has 54.78% in Ultra Tech Cement but the latest development shows the company has taken the go-ahead from Grasim to sell stack to other buyer.L&T appointed City group to be the main book runner for the deal.

source:http://www.indiainfoline.com/

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