L&T To Divest Stake In L&T Technology Services Via OFS

Larsen & Toubro in an exchange filing said that the company may consider selling 41 lakh equity shares that equates to 4% of paid-up capital of L&T Technology Services for as much as Rs. 1,400 for a share.

Additionally, the company said, in case of over-subscription in the proposed offer for sale or OFS, there exists an option to sell 25 lakh more shares of L&T's technology entity to the public.

Also, after the proposed offer for sale goes through successfully, engineering and construction major's stake in the technology firm will go down from 81.54% currently to 77.54%. And in case, the over-subscription clause applies then the stake may further go down to 75.10%.

The offer for sale for the non-retail investor category will open on August 2 i.e. today via the stock exchange mechanism. For other categories, including retail investors and non-retail investors that carry forward their allotted bids on August 3.

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