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L&T offloads entire stake in Ultratech Cement Ltd

Business

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.

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