L&T Finance Holdings dips as share sale begins
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L&T Finance Holdings has dipped over 5% to Rs 77.55 in early morning deals on the National Stock Exchange (NSE), after the promoter Larsen & Toubro (L&T) share sale programme for diluting 0.95% of its stake commenced today at bourses.
L&T, the promoter of the company, proposes to sell over 16.55 million shares in L&T Finance Holdings at a floor price of Rs 74 per share. This translates into about 10% discount over Tuesday's closing price of Rs 81.90 on the NSE.
The share sale shall take place at the separate window of the stock exchanges and shall commence on June 11, 2014 at 9.15 a.m. and shall close on the same day at 3.30 p.m, L&T Finance Holdings said in a statement.
At 0929, the stock is trading at Rs 78.80 after hitting high of Rs 78.95 on the NSE. A combined 6.92 million shares changed hands on the counter so far on the BSE and NSE.
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