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L&T rises with arm transferring its stake in L&T South City Projects for Rs 188.60 crore

Larsen & Tourbo (L&T) is currently trading at Rs. 1564.00, up by 25.75 points or 1.67% from its previous closing of Rs. 1538.25 on the BSE.

The scrip opened at Rs. 1549.00 and has touched a high and low of Rs. 1565.00 and Rs. 1546.00 respectively. So far 19,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1615.00 on 27-Jul-2016 and a 52 week low of Rs. 1177.00 on 07-Apr-2016.

Last one week high and low of the scrip stood at Rs. 1574.40 and Rs. 1536.10 respectively. The current market cap of the company is Rs. 1,45,990.00 crore.

The Institutions and Non-Institutions held 56.73% and 43.26% respectively in the company.

L&T’s wholly-owned subsidiary - L&T Realty has transferred 2,88,02,880 equity shares in L&T South City Projects to Pragnya South Opportunity Fund & Pragnya Fund II upon receipt of consideration of Rs 188.60 crore on March 20, 2017. L&T Realty had earlier executed a share purchase agreement (SPA) for selling its entire stake in L&T South City Projects to Pragnya group.

Pragnya group is an investment firm with a specific focus on fund management, property development and asset management.

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.

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