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BSE SENSEX
73,651.35
+655.04
+0.90 %
Corporate Announcement
Security Code
540115
Company
L&T Technology Services Ltd
Exchange Disseminated Time
Notice of Offer for Sale of Shares by Promoter & Floor Price |
1/29/2019 7:42:30 PM
Larsen & Tourbo Ltd ("the Seller") has submitted to BSE a copy of Notice of Offer for Sale up to 3,000,000 equity shares representing 2.89% of the total paid up equity share capital of L&T Technology Services Ltd ("the Company) of face value of Rs. 2 each (“Base Offer Size”) on January 30, 2019 ("T Day") (for non-Retail Investors only) and on January 31, 2019 ("T+1 Day") (for Retail Investors and for Non-Retail Investors who choose to carry forward their unallotted bids), with an option to additionally sell 2,592,807 equity shares representing 2.49% of the total paid up equity share capital of the Company (the "Oversubscription Option" and in event the Oversubscription Option is exercised, the equity shares forming part of the Base Offer Size and the Oversubscription Option will, collectively, hereinafter be referred to as "Offer Shares". In case the Oversubscription Option is not exercised, the equity shares forming part of the Base Offer Size will hereinafter be referred to as "Offer Shares"), through a separate, designated window of the BSE Limited (the "BSE") and the National Stock Exchange of India Limited ("NSE", and together with the BSE, the "Stock Exchanges").
-Dates and time of the opening and closing of the Offer:
The Offer shall take place over two trading days, as provided below:
For Non-Retail Investors: January 30, 2019 ("T Day")
The Offer shall take place during trading hours on a separate window of the Stock Exchanges on T Day i.e. January 30, 2019, commencing at 9:15 a.m. and shall close on the same date at 3:30 p.m. Indian Standard Time.
The Non-Retail Investors may indicate their willingness to carry forward their un-allotted bids to T+1 Day (defined below) for allocation to them in the unsubscribed portion of Retail Category (defined below).
Only Non-Retail Investors shall be allowed to place their bids on T Day, i.e. January 30, 2019.
For Retail Investors (as defined below) and Non-Retail Investors (as defined below) who choose to carry forward their bids: January 31, 2019 ("T+1 Day")
The Offer shall continue to take place during trading hours on a separate window of the Stock Exchanges on T+1 (it being subscription by Mutual Funds and Insurance Companies, the unsubscribed portion shall be available to other bidders in the Non-Retail Category.
In case of oversubscription in the Non-Retail Category, the Seller may choose to exercise the Oversubscription Option, which will be intimated to the Stock Exchanges after trading hours (on or before 5:00 P.M.) on T day. Accordingly, allocation to Bidders in the Non-Retail category shall be done from the offer shares forming part of the Base Offer Size and the Oversubscription Option. Further, in the event the Oversubscription Option is exercised, the equity shares forming part of the Base Offer Size and the Oversubscription Option will, collectively, hereinafter be referred to as "Offer Shares". In case the Oversubscription Option is not exercised, the equity shares forming part of the Base Offer Size will hereinafter be referred to as "Offer Shares".
In case of oversubscription in the Non-Retail Category on T+1 Day, if the aggregate number of Offer Shares bid for at a particular clearing price is more than available quantity then the allocation for such bids will be done on a proportionate basis.
Retail Category allocation methodology
Retail investor shall mean an individual investor who places bids for Offer Shares of total value of not more than Rs. 2,00,000/- (Rupees Two Lakhs) aggregated across Stock Exchanges ("Retail Investor").
A Retail Investor may bid at any price above the Floor Price and/or bid at "Cut-Off Price". "Cut-Off Price" means the lowest price, as shall be determined, at which the Offer Shares are sold in the Non-Retail Category, based on all valid bids received on T Day. Allocation to retail Investors shall be made based on the Cut-Off Price. Upon determining Cut-Off Price for the Retail Investors, the Offer Shares reserved for such category shall be allocated to eligible bids of Retail Investors on price priority method at multiple clearing prices / Cut-Off price in accordance with SEBI OFS Circulars. Bids by Retail Investors below Cut-Off Price will be rejected.
In case of oversubscription in the Retail Category, if the aggregate number of Offer Shares bid for at a particular clearing price / Cut-Off Price, as the case may be, is more than available quantity then the allocation for such bids will be done on a proportionate basis at such clearing price (at or above the Cut-Offer Price) / the Cut-Off Price, as the case may be.
Any unsubscribed portion of Retail Category, after allotment, shall be eligible for allocation in the Non-Retail Category in respect of their un-allotted bids on T Day who choose to carry forward their bid to T+1 Day. Such non-Retail Investors, January 31, 2019) commencing at 9:15 a.m. and shall close on the same date at 3:30 p.m. Indian Standard Time.
Only Retail Investors (as defined below) shall be allowed to place their bids and revise their bids only on T+1 Day. Further, those investors other than Retail Investors ("Non-Retail Investors") who have placed their bids on T Day and have chosen to carry forward their bids to T+1 Day, shall be allowed to revise their bids on T+1 Day as per the SEBI OFS Circulars.
(T Day and T+1 Day, collectively referred to as "Offer Dates")
- Date and time of declaration of floor price (“Floor Price”): The floor price of the Offer shall be Rs. 1,610 per equity share of the Company.
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