The offer for share sale by the promoter of NBFC firm L&T Finance got oversubscribed today, paving the way to raise at least Rs 204 crore.
The offer was made by L&T, the company's promoter.
Eliciting strong response, the company's offer to sell about 2.76 crore equity shares received nearly 8.79 crore bids, according to latest data available with the BSE.
L&T Finance, part of engineering firm L&T, has fixed the floor price for the offer at Rs 74 apiece. At this price, the company would rake in at least Rs 204 crore.
On Tuesday, L&T had said that would offload up to 1.6 per cent stake in L&T Finance.
The shares were offloaded through the Offer for Sale (OFS) route.
Last week, capital market watchdog Sebi had barred a Cayman Islands-based hedge fund from Indian securities markets for an insider trading case in the shares of L&T Finance.
However, the Securities and Exchange Board of India (Sebi) had not found any irregularity on the part of the company.
Shares of the company slumped five per cent to close at Rs 77.85 on the BSE today.