Engineering firm Larsen & Toubro (L&T) today said it proposes to sell as much as a 1.6 per cent 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 per cent 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 per cent 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 per cent to Rs 81.95 at the close on the BSE.
An OFS takes place at a separate window of the stock exchanges, it said.