Larsen & Toubro May Sell Stake In L&T Technology Services
Larsen & Toubro may sell 41 lakh equity shares, representing 4 percent of paid up capital, of L&T Technology Services at a floor price of Rs 1,400 per share, it said in an exchange filing.
If the proposed offer-for-sale is oversubscribed, then the option to sell an additional 25 lakh shares of the technology firm to the public exists, India’s largest construction and engineering company said.
If the offer is fully subscribed, Larsen and Toubro’s stake in L&T Technology Services will fall from 81.54 percent to 77.54 percent. The company said if the oversubscription option is exercised the stake may fall further to 75.10 percent.
The shares will be offered through the stock exchange mechanism to non-retail investors on Aug. 2 and to retail investors and non-retail investors that carry forward their allotted bids on Aug. 3.