Comments
India sold a 2.5 per cent stake in engineering and construction group Larsen & Toubro Ltd (L&T) on Wednesday, raising more than Rs 4,000 crore that will help the government meet its annual fiscal deficit target.
The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta, the top bureaucrat looking after government stake sales, confirming earlier media reports. SUUTI owned a 6.68 per cent stake in L&T as of the end of March.
India is aiming to raise Rs 72,500 crore through the sale of partial government stakes in state-run and private firms during the year to March 2018, which will contribute to meeting the government's fiscal deficit target of 3.2 per cent of gross domestic product.
L&T shares were up 0.6 per cent at 0800 GMT, outperforming a 0.4 per cent fall in the broader NSE index. ($1 = Rs 64.5925)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.