The offer for sale of L&T Technology Services opens for retail investors today, which on the previous bidding day that opened for non-retail investor class received bids for 57%. In a regulatory filing, the company said, "...the seller (Larsen & Toubro Ltd) proposes to sell up to 3,000,000 equity shares representing 2.89 per cent of the total paid up equity share capital of the company (L&T Technology Services Ltd) of face value of Rs. 2 each on January 30, 2019 (for non-retail investors only) and on January 31, 2019 (for retail investors and for non-retail investors who choose to carry forward their unallotted bids)".
The company plans to sell as many as 30 lakh shares of L&T Technology, which represents 2.89 per cent of the total paid-up equity share capital at a price of Rs. 1600 per share. In case of over-subscription, through the green-shoe option, the company will sell additional 2.49% stake in the company.
JM Financial, Citi and Axis are the bankers to the issue. Through the offer, the company plans to mop up a total of Rs. 900 crore. Bids by the non-retail investor class had fetched the company, an amount to the tune of Rs. 249 crore.
L&T Technology shares traded in the red yesterday, and in today's trade are also trading with loss of 0.81% at Rs. 1608 on the BSE.