L&T to sell stake in L&T Technology Services via IPO

Diversified group L&T's technology services unit has filed draft prospectus with Sebi for a public offer to raise an estimated Rs. 1,000 crore.

Close on the heels of the successful Rs. 1,243-crore L&T Infotech IPO, Larsen and Toubro is likely to sell up to 15% stake in L&T Technology Services.

The offer would comprise an offer for sale of up to 1.04 crore equity shares of face value of Rs. 2 each by Larsen and Toubro.

As per sources, the share sale at a premium could amount to around Rs. 1,000 crore.

"The Board of Directors of the company has decided to participate in the offer for sale of equity shares by way of initial public offering by L&T Technology Services Limited," said the company in a BSE filing.

L&T proposes to sell up to 15% of equity shares held in the company through IPO, it added, but did not give any further details on pricing and size of the issue.

Besides parent Larsen and Toubro, L&T Finance Holdings is also listed while L&T Infotech's IPO closed with nearly 12 times oversubscription on Wednesday.