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

Larsen & Toubro (L&T) will divest up to 20.49 lakh shares in L&T Technology Services, with a view to comply with the minimum public shareholding rules.

L&T Technology Services (LTTS), in a BSE filing stated, “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.”

Further, as of December 2017 quarter, promoter and promoter group held 89.28% stake in LTTS. Under the Sebi norms, every listed firm should maintain a public shareholding of minimum 25%, and it has a time frame of 3 years from the date of listing to comply with this requirement.

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