Larsen & Toubro Ltd. plans to sell upto 3.88 percent stake in its technology services arm to meet the market regulator's minimum shareholding norm.
India's largest construction company will sell up to 40.34 lakh shares of L&T Technology Services Ltd. at a floor price of Rs 1,650 apiece—a discount of about 4 percent to current market price—through an offer-for-sale, according to an exchange filing.
The offer will open for non-retail investors on June 4 and for retail investors on June 6. After the transaction, the promoter's stake in the company will fall to 75 percent from 78.88 percent. If the offer is fully subscribed, the promoter would raise around Rs 665.7 crore.
Shares of L&T Technology today closed 2.29 percent lower at Rs 1,718.6 apiece, compared with the benchmark Nifty 500 Index's 1.2 percent gain.
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