Shares of L&T and L&T Finance Holdings lost 0.68% to 3.16% at 9:22 IST on BSE as the floor price for the offer for sale of shares of L&T Finance Holdings by L&T was fixed at a discount of 11.61% to stock's closing price on Thursday, 13 March 2014.
L&T (down 0.68% at Rs 1217.05) and L&T Finance Holdings (down 3.16% at Rs 76.70) edged lower.
Meanwhile, the S&P BSE Sensex was down 93.31 points or 0.43% at 21,681.30.
L&T, the Promoter of L&T Finance Holdings after market hours on Thursday, 13 March 2014 announced an Offer for Sale (OFS) to sell 5.55 crore equity shares, constituting 3.23% of the equity share capital of the company today, 14 March 2014 through stock exchanges mechanism. In addition to the sale shares, L&T may also sell up to 2.77 crore equity shares of face value Rs 10 each of the company in the sale today, 14 March 2014. The offer price for the share sale was fixed at Rs 70 per share after market hours on Thursday, 13 March 2014. The offer price is at a discount of 11.61% to the stock's closing price of Rs 79.20 on Thursday, 13 March 2014.
L&T holds 81.5% stake in L&T Finance Holdings (as per the shareholding pattern as on 31 December 2013).
L&T Finance Holdings' consolidated net profit declined 62.78% to Rs 109.68 crore on 8.1% growth in total income to Rs 1315.24 crore in Q3 December 2013 over Q3 December 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 wholly-owned subsidiaries.
L&T's net profit rose 10.6% to Rs 1240.70 crore on 11.8% growth in net sales to Rs 14387.51 crore in Q3 December 2013 over Q3 December 2012.
L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. L&T Construction is a brand of Larsen & Toubro.
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