Larsen &Toubro plans to list L&T Infotech by Oct; raise up to Rs 2,600 cr

By: |
New Delhi | June 14, 2016 2:44 AM

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.

 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.(Reuters)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.(Reuters)

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.

Also read:Why TCS, RIL & L&T are betting big on government bond market

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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Amazon rolls out ‘Where can I get a COVID vaccine?’ ability for Alexa
2Mukesh Ambani buys Britain’s iconic country club Stoke Park for 57 million pounds
3Indian Oil refineries operating at 95% capacity, say sources