There is an oversubscription option, whereby an additional 26.3 million shares will be up for sale.
If the entire 3 per cent stake is sold, the government would raise over Rs 5,300 crore.
The offer will take place on a separate window of the stock exchanges on February 12 (T day) and February 13 (T+1 day).
Non-retail investors can place their bids only on T day (February 12). While placing their bids, non-retail investors may indicate their willingness to carry forward their unallotted bids to the following day for allocation to them in the unsubscribed portion of the retail category.
Non-retail investors, who have placed their bids on Tuesday and have chosen to carry forward their unallotted bids to the next day, shall be allowed to revise their bids on Wednesday, according to the OFS guidelines.
According to reports, the government is waiting for L&T to launch a buyback offer to tender its shares.
“The current pool of stressed assets stands at 2.4 per cent of the loan book. Slippages are likely to see a declining trend ahead, but still far from normalcy. Credit growth across segments has seen a pickup with decent traction in current and savings account deposits. Management is guiding net interest margin to stabilise and start improving marginally,” observed a report by IDBI Capital.
Axis Bank saw change of guard with Amitabh Chaudhry replacing Shikha Sharma as managing director and chief executive officer on January 1, 2019.