 "L&T Finance Holdings share sale begins, stock falls")
L&T Finance Holdings has dipped nearly 5% to Rs 75.35, extending its previous day’s 7% fall on the BSE, after the promoter Larsen & Toubro (L&T) share sale programme for diluting 4.85% of its stake commenced today at bourses.
L&T proposes to sell over 83.25 million shares in L&T Finance Holdings at Rs 70 per share. This translates into 11.62% discount over Thursday's closing price of Rs 79.20 on the BSE.
“L&T, the promoter of the company has submitted notice of Offer for Sale up to 55.51 million equity shares of face value of Rs 10 each, constituting 3.23% of the equity share capital of the company. In addition to the sale shares, L&T may also sell up to 27.75 million equity shares or 1.615% stake of the company in the sale on March 14, 2014 ,” L&T Finance Holdings said in a statement.
The share sale shall take place at the separate window of the Stock Exchanges and shall commence on March 14, 2014 at 9.15 a.m. and shall close on the same day at 3.30 p.m, it added.
The sale of shares would help the company to reduce its promoters' holding, which stood at about 81.5% at the end of December quarter. Under Sebi norms, promoters holding in listed companies are capped at 75%.
The stock opened at Rs 75 and touched a low of Rs 74.10 on the BSE. A combined 7.34 million shares changed hands on the counter so far on the BSE and NSE.
L&T proposes to sell over 83.25 million shares in L&T Finance Holdings at Rs 70 per share. This translates into 11.62% discount over Thursday's closing price of Rs 79.20 on the BSE.
“L&T, the promoter of the company has submitted notice of Offer for Sale up to 55.51 million equity shares of face value of Rs 10 each, constituting 3.23% of the equity share capital of the company. In addition to the sale shares, L&T may also sell up to 27.75 million equity shares or 1.615% stake of the company in the sale on March 14, 2014 ,” L&T Finance Holdings said in a statement.
The share sale shall take place at the separate window of the Stock Exchanges and shall commence on March 14, 2014 at 9.15 a.m. and shall close on the same day at 3.30 p.m, it added.
The sale of shares would help the company to reduce its promoters' holding, which stood at about 81.5% at the end of December quarter. Under Sebi norms, promoters holding in listed companies are capped at 75%.
The stock opened at Rs 75 and touched a low of Rs 74.10 on the BSE. A combined 7.34 million shares changed hands on the counter so far on the BSE and NSE.