L&T has been reducing its stake in L&T Finance Holdings through open market sales to meet market regulator SEBI’s minimum public shareholding norm. The engineering major has now reduced its stake in its financial arm to 82.26 per cent from 82.43 per cent.
L&T on Wednesday sold 5.93 lakh shares of L&T Finance Holdings in the open market. The sale mopped up Rs 4.63 crore at Rs 78.19 per share.
On October 31, L&T said it would bring down its stake by one per cent. Earlier on November 19, L&T sold 5 lakh shares at Rs 78.13 a share, However, the name of the buyer could not be immediately ascertained. Shares of L&T Finance Holdings closed marginally down on Friday at Rs 76 on the BSE.