 "L&T Tech IPO to open on Sept 12")
The Rs 890-crore initial public offering (IPO) of L&T Technology Services will hit the market on September 12. The company has fixed a price band for the IPO at Rs 850-860 per share. The entire issue is an offer for sale by promoter Larsen & Tourbo (L&T), which is looking to offload its 10.2 per cent stake.
At the top-end of the price band, L&T Technology will be valued at Rs 8,945 crore. The IPO closes on September 15. The issue is being handled by Kotak Mahindra, Bank of America Merrill Lynch, JM Financial and SBI Capital Markets. L&T Technology is the second IPO from the L&T group in as many months. In July, L&T had offloaded 10 per cent stake in its information technology subsidiary L&T Infotech, however, are currently eight per cent below issue price of Rs 710.
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