L&T Technology Services has been losing for the last 2 days and has fallen -4.04% during this period. The stock slipped over 2.2% to Rs.1685.15.
The stock has been reacting since yesterday to the news of promoter, L&T planning to sell 40.34 lakh shares with a face value of Rs.2 each on 4th and 6th June. This represents 3.88% of the total paid up capital.
The floor price of the offer is at Rs.1650/share, which is at a discount to the market price.
Today, the shares are being sold for non-retail investors and on 6th, retail and non-retail investors who choose to carry forward their unallotted bids.
As at 31st March 2019, L&T held 78.88% stake in L&T Tech.
L&T is selling stake to meet SEBI’s minimum shareholding norm.