Larsen & Toubro scrip to be re-listed today

Larsen & Toubro (L&T) shares will be re-listed on the Bombay Stock Exchange and National Stock Exchange on Wednesday following the completion of Grasim's 30 per cent open offer for L&T's demerged cement business, UltraTech CemCo.

Trading in 12.5 crore Larsen & Toubro shares was suspended on May 18 for the purpose of demerging the company's cement division.

Company sources told Business Standard, "Trading in the shares was suspended consequent to the record date for the purpose of allotment of the shares in CemCo to Larsen & Toubro shareholders and also for the purpose of allotting new shares in Larsen & Toubro consequent to the reorganisation of capital of Larsen & Toubro."

While financial institutions hold a 37.3 per cent stake in the company, public holding is at 47 per cent and Grasim Industries holds 15.7 per cent.

Grasim will offload 14.95 per cent of its stake to the Larsen & Toubro Employees Welfare Foundation for Rs 446.4 crore. While Larsen & Toubro will lend around Rs 230 crore to its Employees trust, around Rs 200 crore will be raised through debt and Rs 16 crore will be generated by the trust.

Larsen & Toubro will sell 8.5 per cent of its stake in UltraTech to Grasim at Rs 342.6 a share, taking Grasim's shareholding in UltraTech to a majority of 51 per cent. Grasim's stake in UltraTech has already increased to 42.6 per cent after the successful completion of the open offer.