L&T Infotech Files Fresh IPO Papers With Sebi

New Delhi: Engineering giant Larsen and Toubro (L&T) on Tuesday said its subsidiary L&T Infotech has filed a fresh draft red herring prospectus (DRHP) with market regulator Sebi (Securities and Exchange Board of India) to launch an initial public offer (IPO).

The offer would comprise of an offer for sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd, the company said in a regulatory filing.

On Monday, L&T had said it had withdrawn an earlier DRHP filed with the regulator for the proposed IPO.

The earlier prospectus was withdrawn on Monday “due to change in the Offer structure and other considerations”.

The firm had filed the earlier DRHP with Sebi in September 2015, seeking permission for an IPO, and had obtained a go-ahead from the capital markets regulator on December 31, 2015.

L&T Infotech, the IT services unit of L&T, figures among the India’s top 10 IT service providers.

The IT firm, which clocked a revenue of Rs 5,070 crore in in 2014-15, is also looking at acquisitions in relation to its IMS business. It already has 22 delivery centres and 42 sales offices globally.

Shares in L&T, on Tuesday, ended 0.80 per cent higher at Rs 1,222.55 apiece on the BSE, whose benchmark Sensex index finished up 0.49 per cent.