Engineering firm Larsen & Toubro has plans to list its IT arm L&T Infotech by October this year and expects to raise between Rs 2,000-2,600 crore from the initial public offer.
“There are plans to list L&T Infotech by October. The company expects to raise Rs 2,000-2,600 crore from its listing,” a source aware of the development told.
No immediate comments were received from L&T.
L&T Infotech, a subsidiary of engineering giant Larsen & Toubro, had received capital markets regulator Sebi’s approval to float an initial public offering worth Rs 2,000 crore in December 2015.
The issue comprises an offer for sale of up to 1,75,00,000 equity shares of face value of Rs 1 each by Larsen & Toubro.
L&T Infotech, IT services unit of engineering and construction major Larsen & Toubro, figures among India’s top 10 IT service providers.
The company has plans to use the raised amount to fund its future growth.