Larsen & Toubro Ltd. plans to sell up to 30 lakh shares in L&T Technology Services Ltd., representing 2.89 percent of the total paid up equity share capital, India's largest construction company said in a statement.
If the proposed offer-for-sale is oversubscribed, then the option to sell additional 2.49 percent stake in the technology services firm through stock exchange mechanism exists, the company said.
The floor price is set at Rs 1,610 per share, which is at a discount of 5 percent from the current market price.
L&T holds 80.41 percent in L&T Technology Services and must reduce it to 75 percent. This will help the company to meet the minimum 25% public shareholding norms laid down by Securities and Exchange Board of India.
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