Larsen & Toubro Ltd, India’s biggest engineering company, is offering to sell 10.3 million shares in UltraTech Cement Ltd, equivalent to an 8.3 per cent stake, according to a source familiar with the transaction.
Mumbai-based Larsen & Toubro may offer the shares at 720 rupees to 735 rupees apiece, the person said, requesting anonymity since the plan is confidential. The stake would be valued at 7.57 billion rupees ($160m) at the upper end of the range.
Larsen & Toubro, which owns 11.49 per cent of UltraTech, may sell its remaining 4 million shares if there is demand, the person said. L&T shares, which have more than doubled since Jan. 1, gained 3.6 percent to 1,628.75 rupees in Mumbai.