L&T offloads 6.08% stake in L&T Infotech, pares parent's shareholding

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.