L&T gains after announcing price band for subsidiary's IPO

L&T rose 0.76% to Rs 1,493 at 14:35 IST on BSE after the company announced the price band for the proposed initial public offering of equity shares of its subsidiary, L&T Infotech.

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the S&P BSE Sensex was up 293.68 points or 1.1% at 27,034.07 On BSE, so far 1.65 lakh shares were traded in the counter as against average daily volume of 2.02 lakh shares in the past one quarter. The stock hit a high of Rs 1,503.95 and a low of Rs 1,484.75 so far during the day. The stock had hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016.

The large-cap company has an equity capital of Rs 186.40 crore. Face value per share is Rs 2.

L&T announced the price band of Rs 705 to Rs 710 per equity share for initial public offer (IPO) of its subsidiary L&T Infotech. A discount of Rs 10 per share will be offered to retail individual bidders. L&T is selling up to 1.75 crore shares of L&T Infotech through the IPO.

Shares of L&T had gained 0.59% to settle at Rs 1,481.80 yesterday, 29 June 2016 after the company said that the Red Herring Prospectus filed by the company's subsidiary L&T Infotech with the Registrar of Companies, Maharashtra, for an offer for sale (OFS) of shares by L&T has been approved on 28 June 2016. The offer of L&T Infotech shares will open for subscription on 11 July 2016 and close on 13 July 2016.

L&T's consolidated net profit rose 18.6% to Rs 2453.64 crore on 17.6% rise in total income to Rs 33423.78 crore in Q4 March 2016 over Q4 March 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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