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Mergers & Acquisitions | 2 July 2010

L&T To Buy Strategic Venture's Stake In Astra Microwave

by Deeshesh Chheda
L&T To Buy Strategic Venture's Stake In Astra Microwave
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Strategic Ventures Fund (Mauritius) may sell part of its stake in Astra Microwave to Larsen & Toubro (L&T).

Strategic Venture currently holds 15.5% stake in Astra and may sell around 5% to L&T. L&T is ready to offer 100% premium to market price of Rs.70.

If the transaction goes through, L&T's stake will go upto 15% from its current holding of 9.79% in Astra.

L&T will also make an open offer to acquire management control.

Strategic Venture Fund had bought 29% stake in Astra Microwave in 2002 and brought down its stake to 15.5% by selling its stake in different tranches in the capital market.

Transaction Reference: FE


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