Shares of L&T and L&T Finance Holdings were up 0.95% to 1.52% at 14:13 IST on BSE after L&T said it has completed the sale of 1.71 crore shares of L&T Finance Holdings to comply with minimum public shareholding requirement.
The announcement was made during trading hours today, 24 December 2013.
L&T Finance Holdings (up 1.52% at Rs 73.55) and L&T (up 0.95% at Rs 1,078.75) edged higher.
Meanwhile, the S&P BSE Sensex was down 21.91 points or 0.1% at 21,079.12.
L&T had outperformed the market over the past one month till 23 December 2013, surging 10.86% compared with the Sensex's 4.37% rise. The scrip had also outperformed the market in past one quarter, jumping 31.7% as against Sensex's 6.03% gain.
L&T Finance Holdings had underperformed the market over the past one month till 23 December 2013, declining 4.67% compared with the Sensex's 4.37% rise. The scrip had, however, outperformed the market in past one quarter, jumping 8.87% as against Sensex's 6.03% gain.
L&T today, 24 December 2013, said that the company has completed the sale of 1.71 crore shares aggregating to 1% stake of L&T Finance Holdings on Monday, 23 December 2013, to comply with the minimum public shareholding requirement. L&T's total shareholding in L&T Finance Holdings now stands at 81.5%. Stock market regulator Securities & Exchange Board of India (Sebi) has made it mandatory for a minimum public holding of 25% in all listed companies. For state-run companies, a minimum 10% public holding has been made mandatory.
L&T separately said that the Scheme of Arrangement between the company and L&T Hydrocarbon Engineering -- a wholly owned subsidiary of the company -- and their respective shareholders and creditors for transfer of the HCIC undertaking of the company to L&T Hydrocarbon Engineering has been sanctioned by the High Court of Judicature at Bombay. The Scheme will be effective once the court order is received and filed with the Registrar of Companies, in due course.
L&T's net profit declined 14.1% to Rs 977.51 crore on 10% growth in net sales to Rs 14509.51 crore in Q2 September 2013 over Q2 September 2012.
L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
L&T Finance Holdings' consolidated net profit rose 8.3% to Rs 155.72 crore on 40.2% growth in total income to Rs 1320.06 crore in Q2 September 2013 over Q2 September 2012.
L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.
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