Mahindra Satyam sees block deal of 27 mln shares

ahindra Satyam saw 27.2 million shares, or about 2.31 percent of its equity change hands, at 114.90 rupees a share on the BSE, stock exchange data showed on Friday.

An official at leading engineering and construction firm Larsen & Toubro, who did not want to be named, said the company was the seller.

A television channel had reported late on Thursday that Larsen & Toubro will raise $65 million by selling 27 million shares in Mahindra Satyam at 112.50 rupees on Friday.

Mumbai-based L&T owns 81 million shares in Mahindra Satyam, the channel said, adding the company had hired Nomura for the share sale.

Mahindra Satyam was formerly known as Satyam Computer Services, which was hit by India's biggest corporate fraud at the start of the year.

In April, L&T lost the race for control of the outsourcer to Tech Mahindra Ltd, a unit of India's Mahindra & Mahindra Ltd.

L&T had built up a 12 percent stake in Satyam, but the expansion of share capital because of the takeover meant it held 6.9 percent in Mahindra Satyam.

Larsen & Toubro Limited shares are available at Rs. 1,742.00 (up by 0.08%). Carefully analyzing a company's performance helps in understanding how its stocks are likely to perform and is it a good choice to invest in it.