L&T announces Offer for Sale of Shares in L&T Finance Holdings Ltd

Larsen & Toubro Ltd ("the Seller") the Promoter of L&T Finance Holdings Ltd (the "Company") has announced an Offer for Sale up to 16,551,447 equity shares of face value of Rs. 10 each, constituting 0.96% of the equity share capital of the Company (Sale Shares) on June 11, 2014 exclusively through the Seller's broker on the separate window provided by the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) (the Stock Exchanges). In addition to the Sale Shares, the Seller may also sell up to 11,034,297 equity shares of face value Rs. 10 each of the Company in the Sale on June 11, 2014 (the Additional Shares, and together with the Sale Shares, the Shares).

The Sale shall take place at the separate window of the Stock Exchanges and shall commence on June 11, 2014 at 9.15 a.m. and shall close on the same day at 3.30 p.m. Indian Standard Time (the Trade Date).

The Floor Price for the Sale in terms of the SEBI OFS Circular shall be Rupees 74 per Equity Share of L&T Finance Holdings Ltd. (the "Floor Price").

Shares of L&T FINANCE HOLDINGS LTD. was last trading in BSE at Rs.81.95 as compared to the previous close of Rs. 80.7. The total number of shares traded during the day was 6364311 in over 46695 trades.

The stock hit an intraday high of Rs. 83.2 and intraday low of 79.2. The net turnover during the day was Rs. 521007373.

Source : Equity Bulls

Keywords