L&T shares up 2% as subsidiary files fresh papers with Sebi for IPO

L&T had said on Monday that it had withdrawn an earlier DRHP filed with the regulator for the proposed IPO.

By: PTI | Mumbai | Published: April 13, 2016 1:56 pm
Larsen and tubro, L&T shares, L&T stocks, India, news, markets, sensex, nifty, india bse, bse l&T, l&t share price, l and t share price L&T Infotech, the IT services unit of L&T, figures among the India’s top 10 IT service providers.

Shares of engineering major Larsen and Toubro (L&T) on Wednesday rose by 2 per cent as its subsidiary L&T Infotech has filed a fresh draft red herring prospectus (DRHP) with market regulator Sebi to launch its IPO.

The stock went up by 2 per cent to Rs 1,248 on BSE.

On NSE, it climbed 2 per cent to Rs 1,248.

The offer would comprise of an offer for sale of up to 1,75,00,000 equity shares of the subsidiary by L&T Ltd, the company said in a regulatory filing yesterday.

The earlier prospectus was withdrawn “due to change in the offer structure and other considerations”.

The firm had filed the earlier DRHP with Sebi in September 2015, seeking permission for an IPO, and had obtained a go-ahead from the capital markets regulator on December 31, 2015.

L&T Infotech, the IT services unit of L&T, figures among the India’s top 10 IT service providers.

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