L&T Finance shares tank as stake sale floor rate fixed at discount

Jun 11 2014, 17:40 IST
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Shares of L&T Finance Holdings ended nearly 6 per cent lower today after the floor rate of a proposed stake sale. Reuters Shares of L&T Finance Holdings ended nearly 6 per cent lower today after the floor rate of a proposed stake sale. Reuters
SummaryThe scrip of L&T Finance finally ended at Rs 77.85, down 5 per cent.

Shares of L&T Finance Holdings ended nearly 6 per cent lower today after the floor rate of a proposed stake sale by the company's promoter L&T was priced at a steep discount.

After falling 6.16 per cent to Rs 76.90 in intra-day trade on the BSE, the scrip of L&T Finance finally ended at Rs 77.85, down 5 per cent.

At the NSE, the stock closed 5.8 per cent down at Rs 77.15.

In terms of volume, 53.02 lakh shares of the company changed hands at the BSE, while over 2 crore shares were traded at the NSE during the day.

The floor price of Rs 74 for the stake sale was at a discount of 9.7 per cent to the company's closing price yesterday.

Engineering firm Larsen & Toubro had yesterday said it would sell as much as 1.6 per cent stake in its financial services unit L&T Finance today 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 per cent of the capital of the company, it had 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 per cent stake in L&T Finance.

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