L&T sells 2.3% stake in Mahindra Satyam Mahindra

Shares of Mahindra Satyam slipped after Larsen and Toubro (L&T) sold 2.72 crore shares in the company in two bulk deals at an average price of Rs 113.65 in opening trade on the BSE. Prior to the deal, L&T held a 6.9% stake or 8.11 crore shares in the Hyderabad-based IT company which it had acquired in two tranches at an average price of Rs 82 a share. L&T also made an abortive bid to acquire the company. However in April 2009 Tech Mahindra, part of the Mahindra group, acquired a controlling stake in the scam-tainted company, and renamed it Mahindra Satyam. L&T had 12.04% holding in Mahindra Satyam, which subsequently got diluted with fresh issue of shares to Tech Mahindra.