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Government sells $619 million stake in Larsen & Toubro

India sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T) on Wednesday, raising more than 40 billion rupees ($619.27 million) that will help the government meet its annual fiscal deficit target. The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta, the top bureaucrat looking after government stake sales. SUUTI owned a 6.68 percent stake in L&T as of the end of March. India is aiming to raise 725 billion rupees through the sale of partial government stakes in state-run and private firms during the year to March 2018, which will contribute to meeting the government's fiscal deficit target of 3.2 percent of gross domestic product. L&T shares were up 0.6 percent at 0800 GMT, outperforming a 0.4 percent fall in the broader NSE index.

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