L&T to sell up to 2% stake in L&T Technology Services

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L&T Technology Services (LTTS) today said its promoter Larsen & Toubro will sell up to 20.49 lakh shares in the company in order to comply with the minimum public shareholding norms.
Under the Securities and Exchange Board of India (Sebi) norms, every listed firm needs to maintain a public shareholding of at least 25 per cent. LTTS, which got listed on the bourses in September 2016, has a time of three years from the date of listing to ensure compliance with this requirement.
"Larsen & Toubro (L&T) Ltd, our promoter has conveyed to us their intention to sell the equity shares of the face value of Rs 2 each of the company to enable us to comply with the requirements of minimum public shareholding," LTTS said in a BSE filing.

It added that L&T proposes to divest part of its shareholding in the company.
"Up to 2 per cent of the total paid up equity share capital of the company aggregating to 20,49,120 shares," it said.
As of December 2017 quarter, promoter and promoter group held 89.28 per cent stake in LTTS.