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L&T Plans To Divest Stake In Its Technology Services Company


On Monday in a filing to the BSE, Larsen & Toubro, a leading infrastructure and engineering company said it is planning to sell 3.8% of L&T Technology Services.

In the process, the company will sell shares of L&T Technology Services at a floor price of Rs 1,650. The offer for sale will comply with the 75% promoter shareholding norm.

L&T Plans To Sell Stake In Its Technology Services Company

"...the seller proposes to sell up to 4,034,399 equity shares representing 3.8% of the total paid up equity share capital of the company of face value of Rs 2 each on June 4, 2019 (for non-retail investors only) and on June 6, 2019 (for retail investors and for non-retail investors who choose to carry forward their unallotted bids)," the company stated.

The shares of L&T Technology Services were last trading at 1706.80, down 0.98% versus previous close of Rs. 1723.75 on the BSE.

Story first published: Tuesday, June 4, 2019, 10:39 [IST]
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