The offer-for-sale by (Larsen & Toubro) L&T Technology Services will open for the retail category Thursday. The two-day OFS that opened for bidding yesterday received bids for 57 per cent for the non-retail category. L&T plans to sell 30 lakh shares in L&T Technology, representing 2.89 per cent of the total paid-up equity share capital, at a floor price of Rs 1,610.
In case of oversubscription, the company plans to sell further 2.49 per cent stake through green shoe option.
“…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 said in a regulatory filing.
JM Financial, Citi and Axis are the bankers to the issue.
Non-retail investors
The OFS was subscribed 57 per cent on the first day by the non-retail investors. The offer has fetched L&T Rs 249 crore. The company plans to raise nearly Rs 900 crore.
L&T sold 53 lakh shares at a floor price of Rs 1,400 a share through an OFS last year.
Share market today
The domestic stock markets –Sensex and Nifty–opened higher tracking positive global cues on Thursday morning. The Sensex is up 204 points to 35,796.11, while the Nifty is trading near the 10,700-mark