L&T Infotech falls over 1 pct as promoter proposes to offload stake

Shares of Larsen & Toubro Infotech Monday fell by over 1 percent after its promoter L&T proposed to offload stake in the company.

The scrip lost 1.39 percent to end at Rs 1,771.20 on the BSE. During the day, it dropped from 3.68 percent to Rs 1,730.

On the NSE, shares of the company slipped 1.36 percent to close at Rs 1,773.15.

In a regulatory filing, Larsen & Toubro Infotech on Friday said its promoter Larsen & Toubro Ltd (L&T) proposes to sell its stake in the company.

L&T proposed to sell up to 59 lakh equity shares representing 3.41 percent of the total paid up equity share capital of Larsen & Toubro Infotech, with an oversubscription of 46.28 lakh equity shares representing 2.67 percent through stock market route on Monday and Tuesday.

The floor price of the offer will be Rs 1,700 per equity share of the company.

For the quarter ended June, L&T had 14,03,11,322 shares amounting 81.54 percent stake in L&T Infotech.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)