Larsen & Toubro sells legacy stake in India

The engineering equipment manufacturer gets $218 million for its 11.5% stake in UltraTech Cement.

Larsen Toubro LT, an Indian manufacturer of engineering equipment, yesterday offloaded its 11.5% stake in UltraTech Cement for Rs10.4 billion $218 million. Its divestment from the Indian cement producer was done through a placement to institutional investors and comes one year after it sold its concrete business to LaFarge.

The base size of the deal consisted of 10.3 million shares, but an upsize option was exercised that added another 4 million shares to the offering....

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