L&T divests stake in L&T Tech to meet 25% minimum public shareholding

L&T has time till September 2019 to bring down its stake to at least 75%

Larsen & Tourbo (L&T) on Thursday divested its stake in L&T Technology Services to comply with the 25 per cent minimum public shareholding requirement. The engineering giant is offering up to 6.6 million shares, representing 6.6 per cent stake, through the so-called offer for sale (OFS) route. 

So far, the offering has garnered bids for 5.34 million shares from institutional investors. Retail bidding -- for those investing up to Rs 200,000 -- will take place on Friday. The base price for the share sale has been set at Rs 1,400 apiece. Most of the bids in the OFS have come