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L&T announces offer for sale of shares of L&T Technology Services Ltd at Rs. 1650

Posted On: 2019-06-24 21:39:34

Larsen and Toubro Ltd (the "Seller") has announced offer for sale up to 2,00,000 equity shares representing 0.19% 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 25, 2019 ("T Day") (for non-Retail Investors only) and on June 26, 2019 ("T+1 Day") (for Retail Investors and for Non-Retail Investors who choose to carry forward their unallotted bids). The Offer Shares are proposed to be sold, through a separate, designated window of the BSE Limited (the "BSE") and the National Stock Exchange of India Limited ("NSE", and together with the BSE, the "Stock Exchanges").

Dates and time of the opening and closing of the Offer:

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

For Non-Retail Investors: June 25, 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 25, 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 25, 2019.

For Retail Investors (as defined below) and Non-Retail Investors (as defined below) who choose to carry forward their bids: June 26, 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 26, 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")

Floor Price: The floor price of the Offer shall be Rs. 1,650 per equity share of the Company.

Shares of L&T Technology Services Ltd was last trading in BSE at Rs.1751.15 as compared to the previous close of Rs. 1730.6. The total number of shares traded during the day was 25833 in over 631 trades.

The stock hit an intraday high of Rs. 1755.55 and intraday low of 1727. The net turnover during the day was Rs. 44999821.


Source: Equity Bulls

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