L&T Infotech's Rs 1,243 cr IPO to hit primary markets on July 11

New Delhi: Leading IT firm L&T Infotech will hit the market on 11 July with its initial public offer that can fetch up to Rs 1,243 crore. The price band for the offer, entailing sale of 1.75 crore shares, has been fixed at Rs 705-710 per scrip. The company, part of diversified Larsen & Toubro group, today said the offer would be open for subscription to public from July 11 to July 13.  At the upper end of the price band, the offer would be worth Rs 1,243.50 crore. The sale would rake in Rs 1,233.75 crore at Rs 705 per share. The Red Herring Prospectus for the IPO, filed with the Registrar of Companies, Maharashtra, was approved on 28 June, according to a regulatory filing. Retail individual investors would get a discount of Rs 10 on the price fixed. The IPO comprises an offer-for-sale of up to 1.75 crore equity shares by L&T Ltd. It constitutes 10.3 percent of the post offer paid-up equity share capital of the company. In May, L&T Infotech got Sebi nod for the initial share sale. It had filed a fresh draft Red Herring Prospectus with the markets watchdog in April. Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities would be managing the issue. In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stood at Rs 6,143.02 crore while it clocked a profit after tax of Rs 922.17 crore during the same period. The company works with 258 clients, including 49 Fortune 500 companies. It has 44 sales offices and 22 delivery centres worldwide, as per the company’s latest annual report. Shares of Larsen & Toubro rose marginally to close at Rs 1,481.80 on BSE.