L&T to offer 15% stake in L&T Technology Services by means of IPO

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L&T Technology Services, which gives imaginative designing and also innovative work administrations crosswise over segments, has incomes worth about USD 500 million.

 

Close on the heels of the effective Rs 1,243-crore L&T Infotech IPO, enhanced gathering L&T's innovation administrations unit has recorded draft outline with Sebi for an open offer to raise an expected Rs 1,000 crore. Larsen and Toubro would offer up to 15 for each penny stake in L&T Technology Services through the proposed IPO. The offer would involve an offer available to be purchased of up to 1.04 crore value shares of face estimation of Rs 2 each by L&T .

As indicated by sources, the offer deal at a premium, to be chosen later, could add up to around Rs 1,000 crore. In a documenting to BSE today L&T said: "The Board of Directors of the organization has chosen to take part in the offer available to be purchased of value shares by method for first sale of stock by L&T Technology Services Limited."

L&T proposes to offer up to 15 for every penny of value shares held in the organization through IPO, it included, however did not give any further subtle elements on estimating and size of the issue. L&T Technology Services, which gives creative building and additionally innovative work administrations crosswise over segments, has incomes worth about USD 500 million. It likewise offers building examination, Internet of Things and robotization arrangements.

Other than guardian Larsen and Toubro, L&T Finance Holdings is additionally recorded while L&T Infotech's IPO shut with about 12 times oversubscription on Wednesday. The past L&T Integrated Engineering Services, cut out of guardian L&T in 2010, was renamed as L&T Technology Services in 2012. Later, certain organizations of L&T Infotech, including telecom and innovative item building administrations organizations, were exchanged to L&T Technology Services.