L&T to sell 40.34 lakh LTTS shares via offer for sale

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Larsen & Toubro Technology Services (LTTS) Monday said its promoter L&T plans to sell 40.34 lakh shares on June 4 and 6. LTTS in a BSE filing said that L&T will sell up to 40,34,399 equity shares of face value of Rs 2 each that represent 3.88 per cent of the total paid up equity share capital.

The floor price of the offer shall be Rs 1,650 per equity share of the company. The shares will be sold on June 4 (for non-retail investors) and June 6 (for retail and non-retail investors who choose to carry forward their unallotted bids), it said.

At the end of March 2019, L&T held 78.88 per cent shares in LTTS. Shares of LTTS closed at Rs 1723.75 apiece Monday, down 2.18 per cent from the previous close on the BSE.