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Shares of Larsen & Toubro Infotech defied the broader market trend and slumped more than 3 per cent as its promoter L&T has planned to offload stake in the company.
L&T has planned to sell up to 59 lakh equity shares representing 3.41 per cent of the total paid-up equity share capital of Larsen & Toubro Infotech, with an over subscription of 46.28 lakh equity shares representing 2.67 per cent, though stock market route on Monday and Tuesday.
Reacting to the development, shares of Larsen & Toubro Infotech opened on a negative note at Rs 1,732, then fell to a low of Rs 1,730, down 3.68 per cent over their previous closing price. Similarly on the NSE, the stock opened at Rs 1,734, then fell to a low of Rs 1,729.80, down 3.77 per cent over its last close.
Floor price for the offer will be Rs 1,700 per equity share. For the quarter ended June, L&T had 14,03,11,322 shares amounting to 81.54 per cent stake in L&T Infotech.
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