L&T Finance Holdings share sale offer gets oversubscribed

L&T Finance Holdings' share sale got oversubscribed today and the offer expected to mop up at least Rs 583 crore.
The offer for sale elicited bids more than 10.64 crore as against over 8.33 crore shares that were on offer and the floor price was fixed at Rs 70.
Based on the minimum price, the offer would fetch a minimum of about Rs 583 crore.
On account of the good response, the indicative price for the share sale is pegged at Rs 72.77 apiece and based on that figure, the mop up would be around Rs 608 crore, according to data available with the BSE.

L&T Finance Holdings, a listed entity, is part of conglomerate Larsen & Toubro.
The company hit the market to offload over 8.33 crore shares and the sale would help to reduce its its promoters' holding, which stood at about 81.5 per cent at the end of December quarter.
Under Sebi norms, promoter holding in listed companies are capped at 75 per cent.
Shares of the company today dropped six per cent to close at Rs 74.30 on the BSE.