L&T Technology Services is the second subsidiary of engineering and construction firm Larsen & Toubro (L&T) to hit the primary market with an initial public offering (IPO) in a span of less than four months. The company’s public issue comprises offer for sale of 1.04 crore shares held by L&T, whose stake will come down to 89.8 percent from the current 100 percent. The issue opens on Sept. 12 (Monday) and closes on Sept. 15 (Thursday).
The company raised Rs. 268 crore by way of placement of 31.2 lakh shares to anchor investors at Rs. 860 per share. The price band for the IPO is Rs. 850-860 per share. The retail portion of the public issue is 35 percent.
[Source:-IBT]
