L&T rises on plan to sell stake in Hyderabad Metro and Dhamra Port project

25 Sep 2013

Larsen & Toubro (L&T) is currently trading at Rs. 829.95, up by 3.75 points or 0.45% from its previous closing of Rs. 826.20 on the BSE.

The scrip opened at Rs. 829.90 and has touched a high and low of Rs. 840.00 and Rs. 825.10 respectively. So far 112964 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1146.33 on 29-Oct-2012 and a 52 week low of Rs. 678.10 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 898.00 and Rs. 801.25 respectively. The current market cap of the company is Rs. 76861.05 crore.

The institutions and non-institutions held 53.07% and 43.78% stake in the company, respectively. In a bid to fund its new projects, Larsen & Toubro (L&T), India’s largest construction and engineering major is planning to offload slew of assets to raise close to Rs 8,200 crore by this fiscal-end.

The company will garner nearly Rs 4,200 crore from selling of 26% stake in the Hyderabad Metro project and 50% stake in Dhamra Port project, while the company is looking at listing one of its infrastructure company L&T IDPL in the Singapore stock exchange via the trust route to raise another Rs 4,000 crore. 

Of the sale proceeds, L&T will deploy Rs 6,200 crore in the existing projects and will commit another Rs 2,000 crore for the new projects over the next five years.

 

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