Larsen & Toubro (L&T) has entered into definitive agreement for the divestment of its entire stake in L&T Cutting Tools, a wholly-owned subsidiary, with IMC International Metalworking Companies B.V, a company owned by Berkshire Hathaway Inc.

The share sale and purchase agreement have been executed on August 16, 2017. The consideration for sale is Rs 1.74 billion. Subject to customary closing conditions, the sale is expected to be completed within 90 days from the date of execution of the Share Sale and Purchase Agreement.

Shares of the company declined Rs 1.5, or 0.13%, to trade at Rs 1,140.15. The total volume of shares traded was 14,842 at the BSE (9.36 a.m., Thursday).