Money on the markets
A maturing market amid the mayhem
Shares of Mahindra Satyam rose in an otherwise lacklustre market today, ending 5.41 percent higher at 112.95 rupees.
During market hours on Wednesday, Larsen & Toubro Ltd sought permission from market regulators to sell its stake in outsourcer Mahindra Satyam Ltd, according to a company spokesman.
L&T’s stake in Satyam dropped from 12 percent to 6.9 percent (valued at nearly 9 billion rupees or $190 million) post sale of the outsourcer to Mahindra, according to Thomson Reuters data. Institutional investors hold 10.39 percent, insiders or stakeholders 50.18 percent and mutual funds about 8.45 percent.