Larsen and Toubro Ltd sold its entire 9.72 per cent stake in Astra Microwave Products for nearly Rs 108 crore in two separate open market transactions on Wednesday. Hyderabad-based Astra Microwave designs, develops and manufactures sub-systems for RF and microwave systems used in defence, space, meteorology, and telecommunication.
According to the bulk deal data on BSE, L&T sold 24.5 lakh shares in Astra Microwave for Rs 135.82 a piece. The firm further sold 55 lakh shares in Astra Microwave in open market for Rs 135.8 per share, according to the bulk deal data on NSE.
As per the shareholding patterns as of September 30, 2015, L&T had a 9.72 per cent stake in Astra Microwave. The stake had been picked by L&T Capital in 2012 and later transferred to parent firm L&T. The buyers of the stake were not known immediately.
Shares of Astra Microwave rose marginally to close at Rs 134.30 on the Bombay Stock Exchange.
