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Friday, Oct 25, 2002

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Grasim raises stake in L&T

Our Bureau

MUMBAI, Oct. 24

GRASIM Industries Ltd and its wholly-owned subsidiary, Samruddhi Swastik Trading and Investments Ltd, have acquired an additional 56.10 lakh shares representing 2.26 per cent stake in Larsen & Toubro Ltd.

Following this acquisition, Grasim and its subsidiary hold 15.15 per cent in L&T.

Last week, Grasim announced that it was making an open offer to acquire up to 20 per cent stake in L&T at a price of Rs 190 per share. The open offer is slated to open in early December 2002.

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