L&T offloads entire stake in Ultratech Cement Ltd
Larsen & Toubro Limited (L&T) has informed the stock exchanges that it has sold its complete stake of 11.49% in Ultratech Cement Limited in the open market on June 11, 2009. The sale was carried out at an average price of around Rs.725 per share. L&T had exited its cement business through a demerger and sale to Grasim in 2004, and had retained 11.49% stake in Ultratech with a commitment to sell the stake on or before 31st Dec, 2009.
The sale of its complete stake in Ultratech Cement Limited is in accordance with L&T’s obligations under its agreement with Grasim, and is also in line with L&T’s strategy of focusing on its core business. In its efforts to get the best value for its shareholders, the company decided that the present market conditions were correct for disinvestment of its stake.