Larsen & Toubro Infotech IPO which hit capital markets on Monday subscribed 3.28 times on the second day of offer till 4 PM
Larsen & Toubro Infotech IPO which hit capital markets on Monday subscribed 3.28 times on the second day of offer till 4 PM with investors bidding for 4.02 crore shares compared with 1.22 crore shares on offer.
The price band for the issue has been fixed at Rs 705-710 per share. The holding company, Larsen and Toubro, is targeting to raise Rs 1,242.5 crore from the IPO. Post issue, L&T’s stake in the company will come down by 10.3 per cent to 84.6 per cent from the current 94.9 per cent.
On July 8, L&T Infotech had allotted 52.50 lakh equity shares, aggregating to Rs 372.75 crore, to 22 anchor investors including Birla Sun Life Trustee, HDFC Trustee, Reliance Capital, BNP Paribas, ICICI Prudential, New India Assurance, Max Life Insurance, Union Bank of India, Tata Aia Life Insurance and Reliance General Insurance.
An anchor investor is a QIB who applies for shares worth Rs 10 crore or more through the book building process. The concept of an anchor investor was introduced by the Securities and Exchange Board of India (Sebi) in July 2009.