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Investors give a miss to the offer for sale in L&T Technology Services

People in the know said there was investor demand at a lower price

Larsen & Toubro
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A logo of Larsen and Toubro (L&T) is pictured outside its Corporate office in Mumbai | Photo: Reuters

Sundar Sethuraman Mumbai
Investors on Thursday gave a miss to the offer for sale (OFS) in L&T Technology Services, with the retail portion getting a mere 2.33 per cent subscription. On Wednesday, the portion for institutional investors, too, had seen just 57 per cent subscription.

People in the know said there was investor demand at a lower price. The company, however, decided to price the share sale aggressively.

In the OFS, parent Larsen and Toubro was looking to offload nearly 5.6 million shares (5.38 per cent stake) at Rs 1,610 apiece. The share sale, however, received just 1.55 million bids. If fully subscribed,

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First Published: Jan 31 2019 | 9:44 PM IST

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