L&T to file DRHP for L&T Tech Services IPO

The Company proposes to sell up to 15% of the equity shares held in L&T Technology Services Limited through the Offer.

Jul 15, 2016 01:07 IST India Infoline News Service

IPO
Larsen & Toubro Ltd has announced that the Board of Directors of Larsen & Toubro Limited (the "Company") on July 15, 2016 has decided to participate in the offer for sale of equity shares by way of initial public offering by L&T Technology Services Limited (the "Offer").

The Company proposes to sell up to 15% of the equity shares held in L&T Technology Services Limited through the Offer.

Larsen & Toubro Ltd is currently trading at Rs. 1580.05, up by Rs. 16.2 or 1.04% from its previous closing of Rs. 1563.85 on the BSE.
The scrip opened at Rs. 1565 and has touched a high and low of Rs. 1581.5 and Rs. 1558 respectively. So far 959993(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 145752.07 crore.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1886.25 on 17-Jul-2015 and a 52 week low of Rs. 1016.6 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 1570.95 and Rs. 1522.55 respectively.
The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 54.51 % and 43.43 % respectively.
The stock is currently trading above its 50 DMA.

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