The government on Friday raised ₹2,100 crore by selling stake in Larsen & Toubro (L&T) held through Specified Undertaking of the Unit Trust of India (SU-UTI), according to exchanges' data.

In a disclosure to the exchanges, the Administrator of the SUUTI revealed that has it sold 1.482 crore shares, representing 1.62 per cent of the paid-up capital of L&T.

According to a bulk deal data on the BSE, SU-UTI sold 49.41 lakh shares at an average price of ₹1,416.05. On the NSE, it sold same number of shares but at an average price of ₹1,415.65.

The BSE did not disclose the buyers name. According to the NSE, State Bank of India bought 56.55 lakh shares, at an average price of ₹1,415.58.

Following the stake sale, the Centre holding in the company will come down to 6.69 per cent stake (or 6.11 crore shares) from the current 8.32 per cent.

Specified Undertaking of the Unit Trust of India was created in 2002 by bifurcating UTI after its flagship US-64 investment scheme ran into trouble.

SU-UTI holds shares of 43 listed and eight unlisted firms, including 11.17 per cent stake in ITC and 11.53 per cent in Axis Bank.

The government plans to pares its stake in these firms over a three year period and has appointed merchant bankers for advising on the sale process.

The proceeds from SU-UTI stake sale will help the government meet its disinvestment target. This fiscal, the Centre plans to mop up ₹56,500 crore by divesting its stake in various companies.

The government had, in March 2014, sold 9 per cent stake in Axis Bank to raise Rs 5,500 crore

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