L&T may sell 1.6% stake in L&T Finance for Rs 204 crore

Jun 10 2014, 21:26 IST
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SummaryEngineering firm Larsen & Toubro (L&T) today said it proposes to sell as much as a 1.6 per cent stake...

Engineering firm Larsen & Toubro (L&T) today said it proposes to sell as much as a 1.6 per cent stake in its financial services unit L&T Finance tomorrow for about Rs 204 crore.

L&T is making an offer for sale (OFS) for 16,551,447 equity shares of face value of Rs 10 each, constituting 0.96 per cent of the capital of the company, it said in a BSE filing.

In addition, L&T said it may choose to sell up to 11,034,297 equity shares representing a 0.64 per cent stake in L&T Finance.

The floor price in the offer has been set at Rs 74 a share. L&T Finance shares rose 1.55 per cent to Rs 81.95 at the close on the BSE.

An OFS takes place at a separate window of the stock exchanges, it said.

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