L&T Tech may file for offer on Friday

Following the successful initial public offering (IPO) of L&T Infotech, engineering major Larsen & Tourbo (L&T) is ready to take another group company public. According to sources, L&T Technology Services will file the draft red herring prospectus with markets regulator on Friday. The IPO size could be between Rs 900 and Rs 1,000 crore, said sources. SBI Capital Markets, JM Financial, Kotak Mahindra, and Bank of America Merrill Lynch are the investment bankers for the IPO. L&T divested a little over 10 per cent in its L&T Infotech through an IPO, which closed on Wednesday.  

L&T  Technology had clocked revenues of $470 million for FY16.