The offer-for-sale of L&T Infotech by Larsen & Toubro has opened today. L&T, which holds 81.54% stake in the company, plans to sell 59 lakh shares with an additional option to sell up to 46.27 lakh shares on oversubscription.
The issue received bids for 2.98 crore shares from institutional investors and that is the reason why the stock is the top gainer on the BSE today morning. The stock price rose over 8.5% to Rs.1887.55.
The floor price for the OFS is at Rs.1,700/share, a discount of 10% to current price.