L&T made an offer for sale of upto 59 lakh equity shares of L&T Infotech (3.4% of LTI) on September 3rd and 4th. The company said that L&T has offloaded 6.08% stake in the company, which brings down the parent's shareholding to 75 percent. The floor price of the offer was set at Rs 1,700 per equity share of LTI.
The initial offer for sale had provided for an option to "additionally sell 46,27,288 equity shares, representing 2.67 percent of the total paid up equity share capital" of LTI. As it turns out, L&T exercised the option of additional share sales.