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IGF claims L&T stock’s worth Rs 355

Mumbai, Oct. 28: A leading investor forum today claimed that each share of Larsen and Toubro (L&T) is worth Rs 355 in a conclusion reached after an internal valuation.

The Investors’ Grievance Forum (IGF) headed by BJP MP Kirit Somaiya set the dovecotes aflutter with the finding just a day before the L&T board meets against the backdrop of the open offer made by Grasim.

Corporate watchers see the move as an attempt to pile pressure on the A. V. Birla group and the financial institutions that own a chip of L&T to address the concerns of small investors clamouring for a better deal.

Somaiya opened a new flank in the offensive, accusing “a few financial institutions of trying to influence the L&T board” to call a meeting to accommodate the Birlas.

According to Somaiya, when the company secretary refused to oblige, GIC and LIC wrote to L&T that Kumar Mangalam and Rajshree Birla be taken on board immediately.

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