L&T Infotech OFS subscribed 3 times, sale sees bids for 29.8 million shares

L&T Infotech’s offer for sale (OFS) on Monday saw over three times demand than the shares on offer for institutional investors. The share sale saw bids for 29.8 million shares as against 9.5 million on offer. Another 1.05 million shares meant for retail investors will be auctioned on Tuesday. The shares in L&T Infotech are being divested by promoter Larsen & Toubro (L&T), which currently holds 81.54 per cent. Post the share sale, L&T’s holdings will come down to 75.44 per cent, taking it close to compliance of the 25 per cent public shareholding requirement. The base price for OFS was set at Rs 1,700, while most of the bids came at Rs 1,736. Shares of L&T Infotech on Monday closed at Rs 1,771, down 1.4 per cent.