Govt to sell almost all SUUTI stake in L&T to meet divestment target

This will be the second sale of SUUTI stake this fiscal year after a 3% sale of Axis Bank last month

The government is ready to offload nearly the entire stake it holds in Larsen & Toubro (L&T) through Specified Undertaking of the Unit Trust of India (SUUTI) in the coming weeks as it looks to meet the Rs 80,000-crore disinvestment target for 2018-19.

The Centre holds a 1.8 per cent stake in the construction and engineering behemoth through SUUTI, valued at a little over Rs 3,300 crore as of Friday’s closing price of L&T shares. The department of investment and public asset management (DIPAM) plans to sell shares worth around Rs 2,000 crore before March 31, Business Standard has learnt from