L&T sells 2.42% in Mahindra Satyam for Rs 294.81 cr

Engineering and construction major Larsen & Tourbo (L&T) has sold 2.42 per cent stake in Mahindra Satyam for Rs 294.81 crore through open market transactions.

L&T has sold 2.84 crore shares, or 2.42 per cent stake of the IT Firm for Rs 294.81 crore, Mahindra Satyam (earlier known as Satyam Computer) said in a disclosure on the Bombay Stock Exchange.

The transactions have been performed between September 15 to September 28, 2010.

Prior to the share sale, L&T held 4.58 per cent stake in Mahindra Satyam, while now it holds 2.16 per cent or 2.54 crore shares of the IT firm.

On September 29, the company ending two years of mystery over its financial health, reported a loss of Rs 125 crore for the period ended 2009-10, which analysts said is a remarkable recovery from a humongous loss of over Rs 8,000 crore in the previous fiscal.

After nearly two years following founder B Ramalinga Raju's shocking revelation of an accounting scam running into several crores, the IT company today announced the audited financial results for the past two fiscals.

The company reported a loss of about Rs 124.60 crore for the previous fiscal, a fraction of the massive Rs 8,176.8 crore in 2008-09.