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L&T announces offer for sale of shares of L&T Technology Services Ltd

Posted On: 2019-06-03 21:59:42

Larsen & Toubro Ltd (the "Seller") has announced an offer for sale up to 4,034,399 equity shares representing 3.88% of the total paid up equity share capital of L&T Technology Services Ltd ("the Company") of face value of Rs. 2 each ("Offer Size" or "Offer Shares") on June 04, 2019 ("T Day") (for non-Retail Investors only) and on June 06, 2019 ("T+1 Day") for Retail Investors and for Non-Retail Investors who choose to carry forward their un-allocated bids). The Offer Shares are proposed to be sold, through a separate, designated window of the BSL Limited (the "BSE") and the National Stock Exchange of India Limited ("NSE", and together with the BSE, the "Stock Exchanges").

The Offer shall take place over two trading days, as provided below:

For Non-Retail Investors: June 4, 2019 ("T Day")

The Offer shall take place during trading hours on a separate window of the Stock Exchanges on T Day i.e. June 4, 2019, commencing at 9:15 a.m. and shall close on the same date at 3:30 p.m. Indian Standard Time.

The Non-Retail Investors may indicate their willingness to carry forward their un-allotted bids to T+1 Day (defined below) for allocation to them in the unsubscribed portion of Retail Category (defined below).

Only Non-Retail Investors shall be allowed to place their bids on T Day, i.e. June 4, 2019.

For Retail Investors (as defined below) and Non-Retail Investors (as defined below) who choose to carry forward their bids: June 6, 2019 ("T+1 Day")

The Offer shall continue to take place during trading hours on a separate window of the Stock Exchanges on T+1 (it being June 6, 2019) commencing at 9:15 a.m. and shall close on the same date at 3:30 p.m. Indian Standard Time.

Only Retail Investors (as defined below) shall be allowed to place their bids and revise their bids only on T+1 Day. Further, those investors other than Retail Investors ("Non-Retail Investors") who have placed their bids on T Day and have chosen to carry forward their bids to T+1 Day, shall be allowed to revise their bids on T+1 Day as per the SEBI OFS Circulars.

(T Day and T+1 Day, collectively referred to as "Offer Dates")

Date and time of declaration of floor price ("Floor Price") - The floor price of the Offer shall be Rs. 1,650 per equity share of the Company.

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1559.3 as compared to the previous close of Rs. 1557.95. The total number of shares traded during the day was 125803 in over 4536 trades.

The stock hit an intraday high of Rs. 1570.1 and intraday low of 1546.85. The net turnover during the day was Rs. 195774622.

Shares of L&T Technology Services Ltd was last trading in BSE at Rs.1715 as compared to the previous close of Rs. 1762.25. The total number of shares traded during the day was 18517 in over 1856 trades.

The stock hit an intraday high of Rs. 1789 and intraday low of 1715. The net turnover during the day was Rs. 32349361.


Source: Equity Bulls

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