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Larsen & Toubro sells 2.31% stake in Mahindra Satyam (Satyam Computer Services)

Posted on: Fri, 13 Nov 2009 14:01:00 EST

Symbols: SAY, LTOUF

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Nov 13, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
SAY | Quote | Chart | News | PowerRating -- Larsen & Toubro Limited (L&T), a technology, engineering, construction and manufacturing company, has sold 27.2 million shares, representing a 2.31% equity stake, in Mahindra Satyam (formerly Satyam Computer Services Limited) at INR114.9 ($2.47) per share. The sale is valued at approximately INR3,125.28 million ($67.29 million).

Mahindra Satyam is an information technology (IT) solutions company. Both the parties are based in India.

Following the sale, L&T has reduced its stake in Mahindra Satyam to 4.59% from 6.9%.

Nomura advised L&T for the share sale.

Deal Value (US$ Million) 67.29
Deal Type                Private Placement
Sub-Category             Exit
Deal Status              Completed: 2009-11-13

Deal Participants

Target (Company)   Satyam Computer Services Limited
Acquirer (Company) Undisclosed Acquirers
Vendor (Company)   Larsen & Toubro Limited

For full details on Satyam Computer Services Ltd ADS (SAY) SAY. Satyam Computer Services Ltd ADS (SAY) has Short Term PowerRatings at TradingMarkets. Details on Satyam Computer Services Ltd ADS (SAY) Short Term PowerRatings is available at This Link.

For full details on (LTOUF) LTOUF. (LTOUF) has Short Term PowerRatings at TradingMarkets. Details on (LTOUF) Short Term PowerRatings is available at This Link.

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