Government Sold A 2.5 Percent Stake In Engineering And Construction Group Larsen & Toubro Ltd (L&T)

Express News Global

updated:21,2017 17:10 IST

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Mumbai: Government sold a 2.5 for every penny stake in building and development gather Larsen and Toubro Ltd (L&T) on Wednesday, raising more than Rs. 4,000 crore that will help the administration meet its yearly monetary shortfall target.

The stake, held by the state-claimed Specified Undertaking of Unit Trust of India (SUUTI), was sold through square arrangements in securities exchanges, said Neeraj Gupta, the top official caring for government stake deals, affirming prior media reports.

SUUTI possessed a 6.68 for every penny stake in L&T as of the finish of March.

India is planning to raise Rs. 72,500 crore through the offer of halfway government stakes in state-run and private firms amid the year to March 2018, which will add to meeting the administration’s monetary shortfall focus of 3.2 percent of GDP.

L&T shares were up 0.76 percent at 2:00 pm , beating a 0.44 for every penny fall in the more extensive Nifty record.