L&T Ltd to divest up to 2 per cent holding from L&T Technology Services
Under the Sebi norms, every listed firm needs to maintain a public shareholding of, at least, 25 per cent.
By Ayan Pramanik, ET Bureau | Updated:
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NEW DELHI: BENGALURU: L&T Technology Services said its promoter Larsen & Tubro Ltd conveyed interest to sell up to 2 % of equity shareholding in the engineering services company in the open market.
The company has informed the stock exchanges the objective behind its promoter’s divestment is to comply with the requirement of minimum public shareholding.
L&T Technology Services said in its filing to the stock exchange that its promoter would divest “up to 2% of the total paid up equity share capital aggregating to 2049120 shares”.
As on December 31, 2017, the holding of Promoter and Promoter Group in the company stood at 89.28%.
The process of the divestment will be completed in approximately eight months beginning March 5, 2018.
The company has informed the stock exchanges the objective behind its promoter’s divestment is to comply with the requirement of minimum public shareholding.
L&T Technology Services said in its filing to the stock exchange that its promoter would divest “up to 2% of the total paid up equity share capital aggregating to 2049120 shares”.
As on December 31, 2017, the holding of Promoter and Promoter Group in the company stood at 89.28%.
The process of the divestment will be completed in approximately eight months beginning March 5, 2018.
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