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  1. L&T Infotech IPO price band at Rs 705-710

L&T Infotech IPO price band at Rs 705-710

L&T Infotech has priced its initial public offering (IPO) in a band of Rs 705-710 per share. The IPO includes an offer for sale (OFS) of more than 1.75 crore shares by the existing promoter, Larsen & Toubro, and the company hopes to raise Rs 1,242.5 crore, at the upper end of the price band, from the issue.

By: | Mumbai | Updated: July 5, 2016 10:27 AM
L&T group executive chairman AM Naik addresses a press conference to announce L&T Infotech’s IPO in Mumbai on Monday L&T group executive chairman AM Naik addresses a press conference to announce L&T Infotech’s IPO in Mumbai on Monday

L&T Infotech has priced its initial public offering (IPO) in a band of Rs 705-710 per share. The IPO includes an offer for sale (OFS) of more than 1.75 crore shares by the existing promoter, Larsen & Toubro, and the company hopes to raise Rs 1,242.5 crore, at the upper end of the price band, from the issue.

The three-day public issue will open on July 11.

While 50% of the issue will be reserved for the qualified institutional buyers (QIB) category, 15% for high net worth individuals (HNIs) and 35% will be open for retail investors. A discount of R10 on the final offer price will be given to retail individual bidders.

In FY16, the company reported total revenues of R5,908.1 crore, up 22.24% compared with FY15. The company’s total expenses witnessed a 22.47% increase at R4,641.1 crore in FY16, compared with Rs 3,789.5 crore reported in FY15. The net profit for the previous financial year was up 21.27% at Rs 938.1 crore from Rs 773.5 crore in FY15.

Citigroup Global Markets India, Kotak Mahindra Capital Company and ICICI Securities are the book running lead managers to the issue.

On Monday, shares of L&T closed up 1.59% at R1,565.20 on the BSE.

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