L&T is likely to up stake in Satyam beyond 15%, reports CNBC-TV18 quoting sources. However, the Satyam stake hike is subject to SEBI open offer relaxation. L&T is likely to make an open offer if SEBI relaxes the open offer norms.
Sources said that L&T is likely to counter bid if rival parties put in a formal bid. L&T is likely to make formal offer to Satyam board post SEBI announcement.
L&T said that it holds 12% stake in Satyam as a strategic investment. The company is monitoring the developments in Satyam and will comment at appropriate time.
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