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Last Updated : Jun 25, 2019 10:55 AM IST | Source: Moneycontrol.com

L&T Technology dips 3% as parent co decides to sell stake

In total, promoter's stake will reduce by 4.07 percent to 74.81 percent after this stake sale, from 78.88 percent at the end of March 2019

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L&T Technology Services shares fell nearly 3 percent intraday on June 25 as parent firm said it was selling its stake in the company to meet minimum public shareholding norms.

Parent Larsen & Toubro is selling its stake in technology services company for the second time in June.

On June 24, L&T Technology said its parent company in a notice said it would sell 2 lakh equity shares (representing 0.19 percent of total paid-up equity) of the company through an offer for sale route on June 25 and 26.

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The floor price is fixed at Rs 1,650 per share, which is at a discount of 5.77 percent discount to June 24 closing price.

Earlier on June 4 and 5, L&T had sold 40.34 lakh shares (representing 3.88 percent of total paid-up equity) of L&T Technology Services through an offer for sale window.

In total, promoter's stake will reduce by 4.07 percent to 74.81 percent after this stake sale, from 78.88 percent at the end of March 2019.

As per SEBI regulations, all listed companies have to maintain minimum public shareholding of 25 percent.

The stock was quoting at Rs 1,723.25, down Rs 27.90, or 1.59 percent on the BSE at 1009 hours IST.
First Published on Jun 25, 2019 10:55 am
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