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Shares of L&T Finance Holdings fell by over 5 per cent today after a proposed stake sale by the company’s promoter L&T was priced at a steep discount.
The scrip of L&T Finance opened the day on a weak note and further lost 5.36 per cent to ₹77.55 on the BSE.
The floor price of ₹74 for the stake sale was at a discount of 9.7 per cent to the company’s closing price yesterday.
Engineering firm Larsen & Toubro had yesterday said it would sell as much as 1.6 per cent stake in its financial services unit L&T Finance today for about ₹204 crore.
L&T is making an offer for sale (OFS) for 16,551,447 equity shares of face value of ₹10 each, constituting 0.96 per cent of the capital of the company, it had 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.
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