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Shares of L&T Technology Services Ltd fell as much as 4.7 per cent to Rs 1,417, their lowest in one week due to offer-for-sale by parent firm L&T.
The offer-for-sale by Larsen & Toubro of L&T Technology Services’ shares opened for non-retail investors on Thursday and will open for retail investors on Friday. The company plans to sell up to 41 lakh shares (base offer) and additional shares of up to 25 lakh shares (oversubscription option). The floor price for the offer is Rs 1,400 a share.
Currently, promoters hold 87.1 per cent stake or 2.03 crore shares. The OFS will help the company meet SEBI’s minimum public holding norm.
As of 3.30 pm local time, the OFS was subscribed 1.45 times with the general category receiving bids for 53,40,523 shares against the total issue size of 36,90,00.
L&T also has an option to sell an additional 2.5 million shares. L&T Tech stock's P/E ratio stood at 25.39 vs sector average of 18.33. The stock had gained 44.6 per cent this year as of Wednesday's close, compared with NSE 500 index's 1.7 per cent rise.
(With inputs from Reuters)
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