Stock Market

L&T Infotech files IPO papers, parent co to dilute stake

“The issue comprises of an offer for sale of up to 1.75 crore equity shares of the face value Re 1 each by Larsen & Toubro,” L&T said in its filing.

Chillicious Team


Larsen & Toubro Infotech, a subsidiary of engineering & construction major Larsen & Toubro , has filed draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for initial public offering on Monday.


“The issue comprises of an offer for sale of up to 1.75 crore equity shares of the face value Re 1 each by Larsen & Toubro,” L&T said in its filing.


L&T Infotech is a IT services and solutions provider.


In June, in an interview with CNBC-TV18, L&T chairman AM Naik had said the company was looking to list its technology subsidiary in a public offer that would likely come out by November or December this year. For 2015-16, the firm is targeting profit of USD 141 million and revenues of USD 950 million, he added.


The scrip of L&T closed at Rs 1,430.10, down Rs 32.15, or 2.20 percent on the Bombay Stock Exchange.