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L&T supported by report infra unit in talks to sell stake

Source : REUTERS
Last Updated: Mon, Mar 18, 2013 06:36 hrs
A broker watches a TV news channel as another monitors share prices at a brokerage firm in Mumbai

Shares in India's Larsen & Toubro Ltd is up marginally, outperforming falls in the broader index, after The Economic Times reports its infrastructure unit is looking to raise 25 billion rupees ($462.6 million) by selling up to a 20 percent stake to investors.

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

An L&T spokesman declines 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.

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