Page 4 - Larsen & Tourbo
L&T divests stake in L&T Tech to meet 25% minimum public shareholding
L&T has time till September 2019 to bring down its stake to at least 75%
 "L&T divests stake in L&T Tech to meet 25% minimum public shareholding")
BSE Capital goods index hits 18-month high; BHEL at 52-week high
In past five trading sessions, the capital goods index rallied 5.2% against 2% rise in Sensex
 "BSE Capital goods index hits 18-month high; BHEL at 52-week high")
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 (DRHP) with market regulator Securities and Exchange Board of India (Sebi) on Friday. The IPO size could be between Rs 900 and Rs 1,000 crore, said sources. L&T Technology operates in the niche engineering research and development space. SBI caps, JM Financial, Kotak Mahindra and Bank of America Merrill Lynch are the investment bankers to the IPO. L&T successfully divested a little over 10 per cent in its IT services arm L&T Infotech through an IPO, which closed on Wednesday. L&T Technology Services' had clocked revenues of $470 million for FY16.
