L&T sells 13.66% stake in Salzer Electronics for Rs 54 crore

Engineering and construction giant Larsen & Toubro (L&T) today sold its entire 13.66 per cent stake in Salzer Electronics Ltd in a bulk deal for about Rs 54 crore.
The company has sold 18,47,358 shares in Salzer, it said in a BSE filing.
Latest bulk deal data available with the BSE showed that L&T sold these shares at a price of Rs 290.25 apiece, valuing the stake at nearly Rs 54 crore.
L&T had reported a sharp fall of 37.3 per cent in consolidated net profit at Rs 606.19 crore for the first quarter of the current fiscal on slower execution of some projects and higher expenses.

Larsen & Toubro's shares closed 0.25 per cent up at Rs 1,778.50 apiece on the BSE.