Larsen and Toubro Infotech (LTI) Wednesday said its promoter Larsen and Toubro (L&T) has offloaded 6.08 per cent stake in the company, paring the parent's shareholding to 75 per cent.
L&T had earlier said it intended to make an offer for sale of up to 5.9 million equity shares, representing 3.41 per cent holding of LTI, on September 3 and 4, 2018.
It had also provided for an option to "additionally sell 46,27,288 equity shares, representing 2.67 per cent of the total paid up equity share capital" of LTI.
In a regulatory filing Wednesday, LTI said: "We are hereby notifying the information regarding the change in our shareholding in the company which has decreased by 6.08 per cent pursuant to the...sale of shares...on September 3 and 4, 2018".
Post the transaction, L&T now holds 75 per cent stake in LTI, it added. The floor price of the offer was set at Rs 1,700 per equity share of LTI.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.