Larsen & Toubro IT unit files draft IPO papers

Engineering and construction giant Larsen & Toubro today said its IT services unit, L&T Infotech, has filed draft papers with regulator Sebi to go public.
"Larsen & Toubro Infotech Limited, a subsidiary of Larsen & Toubro Limited, has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) on September 28, 2015 in order to undertake an initial public offering of its equity shares," it said in a BSE filing.
The issue comprises of an offer for sale of up to 1,75,00,000 equity shares of the face value Rs 1 each by Larsen & Toubro, it added.

In June this year, L&T had said it will list its IT services unit L&T Infotech by year-end.
The company's chairman AM Naik had said the conglomerate will sell 10 per cent stake in the IT services and solutions provider.
It has been looking to exit non-core business for long.

A wholly-owned subsidiary of company, L&T Infotech, with nine delivery centres, is expanding into new geographies even as it consolidates its client facing organisation in North America and Europe.
The clients of the unit include Chevron, Freescale, Hitachi, Sanyo and Lafarge, among others.
Shares of L&T closed at Rs 1,430.10, down 2.20 per cent from previous close on BSE.