L&T Technology Services is the second auxiliary of designing and development firm Larsen and Toubro (L&T) to hit the essential business sector with a first sale of stock (IPO) in a range of under four months. The organization's open issue contains offer available to be purchased of 1.04 crore offers held by L&T, whose stake will boil down to 89.8 percent from the present 100 percent. The issue opens on Sept. 12 (Monday) and closes on Sept. 15 (Thursday).
The organization raised Rs. 268 crore by method for situation of 31.2 lakh shares to grapple financial specialists at Rs. 860 for each offer. The value band for the IPO is Rs. 850-860 for every offer. The retail parcel of people in general issue is 35 percent.The L&T Infotech posting was a dampener for speculators, with the shares posting underneath the issue cost of Rs. 710 on the stock trades on July 21. The shares appeared at Rs. 667, a markdown of 6 percent, in spite of being oversubscribed 11 times.
L&T Technology Services (LTTS) enters the essential business sector in the midst of a for the most part light disposition among financial specialists, particularly for IPOs as has been seen by posting at premium to issue cost, however L&T Infotech was an exemption.