A M Naik sells L&T shares worth Rs 28.30 cr in 10 days

Naik offloaded 2.25 lakh shares out of 24,67,500 shares he had in L&T in four tranches

Larsen and Toubro Executive Chairman A M Naik has sold 2.25 lakh shares worth about Rs 28.30 crore held by him in the company during the last 10 days.

Company CEO K Venkataramanan has also sold a part of his stake in the company, amounting to Rs 1.26 crore, during the same period, L&T informed BSE through a series of filings.

Naik offloaded 2.25 lakh shares out of 24,67,500 shares he had in L&T in four tranches during March 10-18, amounting to Rs 28,29,90,710 crore.

Post transactions, he holds 0.242% stake or 22,42,500 shares in the company, according to filings .

Venkataramanan sold 10,000 shares, out of 8,52,873 shares held in L&T, for about Rs 1.26 crore on March 14. He now has 8,42,873 shares of the company, amounting to 0.091% stake.

L&T is one company that does not have a promoter. Its largest shareholder is Life Insurance Corporation of India, which held a 17.06% stake as on December, 2013.

L&T Employees Welfare Foundation, with 11.80% stake, and Government of India through the Administrator of the Specified Undertaking of the Unit Trust of India (8.20% stake) are its second and third largest shareholders respectively.

None of the company executives, including chairman Naik, holds more than 1% stake in the company.

L&T shares fell 1.17% to close at Rs 1240.80 a piece on the BSE in an overall volatile market.