L&T to sell 15% stake in L&T Technology Services via IPO
Close on the heels of the successful Rs 1,243-crore L&T Infotech IPO, diversified group L&T’s technology services unit has filed draft prospectus with Sebi for a public offer to raise an estimated Rs 1,000 crore. Larsen & Toubro would sell up to 15 per cent stake in L&T Technology Services through the proposed IPO. The offer would comprise an offer for sale of up to 1.04 crore equity shares of face value of Rs 2 each by L&T .
L&T Technology Services, which provides innovative engineering as well as research and development services across sectors, has revenues worth nearly USD 500 million.