The initial public offering (IPO) of India’s sixth largest information technology (IT) firm Larsen & Toubro (L&T) Infotech Limited will open from July 11 as its parent company L&T is putting 1.75 crore shares on the block at a price band of Rs.705-Rs.710 for each equity share of face value of Re.1.
The total offer size is Rs.1,233-Rs.1,242 crore at the respective ends of the price band.
The company with a topline of $887 million in FY16 plans to “double revenues in the next 3-4 years,” A. M. Naik, Executive Chairman, L&T Group told reporters at a roadshow ahead of the IPO.
L&T shares closed up 1.59 per cent at Rs.1,565 or eight months high on the IPO plans of its subsidiary as the parent firm will get Rs.1,242 crore by diluting about 10.3 per cent of the post-offer paid-up equity share capital of the company.
