L&T marginally up on infra unit stake sale news

Shares in Larsen & Toubro was up marginally, outperforming falls in the Nifty, after The Economic Times reported that its infrastructure unit is looking to raise Rs 2500 crore by selling up to a 20 percent stake to investors.

FP Archives|Dec 21, 2014, 01:58:04 IST

Mumbai: Shares in Larsen & Toubro was up marginally, outperforming falls in the Nifty, after The Economic Times reported that its infrastructure unit is looking to raise Rs 2500 crore by selling up to a 20 percent stake to investors.

The report, cites three people familiar with the negotiations, said L&T Infrastructure Development Projects is already in talks with potential buyers.

[caption id="attachment_665233" align="alignleft" width="380"] Reuters

An L&T spokesman declined to comment. Reuters[/caption]

An L&T spokesman declined to comment.

"We view this news as a material positive for L&T, given that L&T IDPL has been a major overhang on the stock on back of huge investment commitments and limited cash inflow," brokerage Edelweiss said in a note seen by Reuters.

Reuters

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