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| L&T seeks regulatory approval to sell Satyam stake |
| Press Trust of India / Mumbai Aug 05, 2009, 20:57 IST |
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Engineering and construction giant, Larsen & Toubro (L&T), today said that it has sought regulatory approval to sell its stake in IT major, Mahindra Satyam.
"We have sought permission from regulators as an enabling arrangement," a L&T spokesperson told PTI here.
The company has not set a time-frame for selling its holding in Mahindra Satyam, he said.
Mahindra Satyam was earlier known as Satyam Computer and was beset with financial problems after its founder Ramalinga Raju confessed to a massive fraud involving cooking-up of its accounts.
L&T had, in phases, bought a 12 per cent stake in the company before the sale of the company to Mahindra group company, Tech Mahindra.
L&T had also bid for Satyam but lost out in the bidding to Tech Mahindra.
As per conditions set out for the sale of Satyam, bidders cannot sell their stakes acquired for six months prior to the bidding.
This was because they were provided access to Satyam's financials, which was not available to the public at that time.
L&T spokesperson said the company is now seeking a relaxation in the 6-month clause as the company's financial details are now in the public domain.
The shares would be sold at an "appropriate time" and the company would consider various factors, including market conditions prevailing at the time of the sale, he said.
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