L&T is making an offer for sale (OFS) for 16,551,447 equity shares of face value of Rs 10 each, constituting 0.96 percent of the capital of the company, it said in a BSE filing.
Engineering firm Larsen & Toubro (L&T) today said it proposes to sell as much as a 1.6 percent stake in its financial services unit L&T Finance tomorrow for about Rs 204 crore.
L&T is making an offer for sale (OFS) for 16,551,447 equity shares of face value of Rs 10 each, constituting 0.96 percent of the capital of the company, it said in a BSE filing.
In addition, L&T said it may choose to sell up to 11,034,297 equity shares representing a 0.64 percent stake in L&T Finance.
The floor price in the offer has been set at Rs 74 a share. L&T Finance shares rose 1.55 percent to Rs 81.95 at the close on the BSE.
An OFS takes place at a separate window of the stock exchanges, it said.
Larsen stock price
On June 03, 2014, Larsen and Toubro closed at Rs 1653.50, up Rs 8.10, or 0.49 percent. The 52-week high of the share was Rs 1673.95 and the 52-week low was Rs 678.10.
The company's trailing 12-month (TTM) EPS was at Rs 61.44 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 26.91. The latest book value of the company is Rs 272.45 per share. At current value, the price-to-book value of the company is 6.07.
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