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.
Updated Date: May 24, 2016 08:39 AM