Comments
The initial public offer of Larsen & Toubro Infotech Ltd will open from July 11-13, the company announced at a press conference today. Parent company L&T is putting 1.75 crore shares on the block at a price band of Rs 705-710 for each equity share of face value of Re 1. The total offer size is Rs 1,233-1,242 crore at the respective ends of the price band.
The offer constitutes 10.3 per cent of the post-offer paid-up equity share capital of the company. Individual retail bidders will get a discount of Rs 10 on the final offer price. The minimum bid is 20 equity shares and thereafter in multiples of 20.
Citigroup Global Markets, Kotak Mahindra Capital and ICICI Securities are the book running lead managers to the issue.
L&T Infotech reported operating profit of Rs 1,331.5 crore in FY16, with operating margins of 21.4 per cent. The company offers IT services to over 250 clients in industries such as banking and financial services, insurance, energy, retail, pharmaceuticals, media and entertainment, and automotive and aerospace. The services include application development, maintenance and outsourcing, enterprise solutions, infrastructure management and digital solutions.
In 2015, Nasscom ranked the company as the sixth largest Indian IT services company in terms of export revenues.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.