World famous L&T InfoTech — the IT services arm of domestic engineering conglomerate Larsen & Toubro — has got the market regulator’s indication to issue an initial public offer (IPO) worth Rs 2,000 crore.
The L&T Company will issue 1, 75, 00,000 equity shares with face value of Re 1 each. It had run a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on 28 September. All the funds are raised though out the IPO to improve its growth for upcoming years.
Chairman of L&T Company Mr.AM Naik had recently revealed that in June last year that India’s biggest engineering and Construction Company will sell 10% stake in IT services unit as part of its plans to monetize non-core businesses and also our company will be the second unit of the parent company to go public, after L&T Finance Holdings Ltd — the financial services arm — was listed in 2011.
L&T InfoTech company presently it has a headcount of more than 20,000 people; it has Chevron Corp., Hitachi Ltd and Lafarge SA as its top clients.