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Govt sells 2.5% stake in L&T, raises Rs 4,000 cr

SBI, LIC, New India Assurance were among the buyers for the SUUTI stake that stood at 6.53%

Agencies  |  Mumbai 

  Government sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T) on Wednesday, raising more than Rs 4,000 crore that will help the government meet its annual fiscal deficit target. The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta, the top bureaucrat looking after government stake sales, confirming earlier media reports. SUUTI, which was created to take over part of the assets and liabilities of the now-defunct Unit Trust of India, ...

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First Published: Wed, June 21 2017. 23:47 IST
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