L&T Infotech receives Sebi nod to offer 1.75 cr shares via proposed IPO
The company’s IPO comprises an offer-for-sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd
New Delhi: L&T Infotech Ltd, an arm of engineering major Larsen and Toubro Ltd (L&T), has received the capital markets regulator Securities and Exchange Board of India’s (Sebi) approval for its proposed initial public offering (IPO).
The company had filed its draft red herring prospectus with Sebi in April. The regulator issued its final observations on the draft offer documents on 20 May, which is necessary for any company to launch a public offer.
The company’s IPO comprises an offer-for-sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd.
The issue is being managed by Kotak Mahindra Capital Co., Citigroup Global Markets India, and ICICI Securities.
L&T Infotech filed fresh draft papers with Sebi on 12 April after the former withdrew its earlier prospectus “due to change in the offer structure and other considerations”.
Earlier, the firm had filed draft papers with Sebi in September 2015, seeking permission for an IPO and had obtained a go-ahead in December last year.
The price band of the IPO has been fixed at Rs 1,073-Rs 1,083 per equity share. The investors are supposed to bid for a minimum of 13 shares
The subscription will end on 29 July and the shares of the company will be listed on both the BSE and NSE
The Zomato IPO was trading at Rs 115 per piece on BSE and was at Rs 116 on NSE with a 53 percent premium over the price of the issue.