Engineering and construction giant, Larsen and Toubro, has approached the Security and Exchange Board of India (SEBI) and Tech Mahindra, seeking concession in the six month lock-in-period for selling 6.9 per cent stakes in Mahindra Satyam.

L&T lost out the bid to Tech Mahindra, in the acquisition race of fraud hit Satyam Computer Services which remained in the limelight following the disclosure of the largest ever corporate accounting fraud committed by its founder Chief B Ramalinga Raju.

L&T is likely to get waive of the lock-in period shortly, which prohibits it to sell its holdings in Mahindra Satyam. AM Naik, the Chairman and Managing Director of the company said: "It will be wrong to think that we are planning to sell the stake immediately. We will get out of Mahindra Satyam only at the right time, and also when the price is right,"

L&T currently holds 6.9 per cent stakes, worth over Rs 800 crore, which may get diluted after the proposed move. L&T's CFO and whole-time director YM Deosthalee said that the company is free to sell its stakes to any company based on best price as the company considers it as a portfolio investment. Deosthalee, however, added: "But since the information is now public, there is no need to have a lock-in period for our stake."