Govt's SUUTI selling up to $594 million stake in L&T - terms

MUMBAI (Reuters) - The government's trust fund Specified Undertaking Of The Unit Trust of India (SUUTI) is selling a stake worth up to $594 million in engineering firm Larsen & Toubro Ltd in a block trade on Friday, according to a deal term sheet seen by Reuters.

The base deal size for an up to 1.5 percent stake in L&T is worth about $297 million while the upsized deal for an up to 3 percent stake could be worth as much as $594 million at a floor price of 1415.66 rupees a share, the term sheet showed.

The floor price is a 2 percent discount to L&T's Thursday closing price of 1444.55 rupees on the BSE stock exchange.

 

SUUTI owned more than 8 percent of L&T as of end-September, according to stock exchange data.

(Reporting by Savio Shetty)