HOME > BUSINESS > L&T Technology to kick of IPO on Monday

L&T Technology to kick of IPO on Monday

lnt

L&T Technology Services Ltd will open its initial public offer of up to 10.4 lakh equity shares on Monday.

The shares will be sold by the parent Larsen & Toubro, the company said.

Each share of the company, which provides technical design services, will carry a face value of Rs 2 and will be offered at between Rs. 850 to Rs. 860. The shares sold would constitute 10.2% of the post-offer paid-up equity share capital of the company.

L&T Technology Services delivers a range of technologies, services & solutions across transportation, industrial products, telecom and hi-tech, process industry, and medical devices. It has more than 8,000 engineers from nine nationalities serving over 200 customers, including more than 50 Fortune 500 customers, according to its website.

The Offer will close on Thursday, September 15, 2016.

Bids can be made for a minimum of 16 Equity Shares and in multiples of 16.

The Equity Shares offered through the Offer are proposed to be listed on National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”).

The managers to the offer are Kotak Mahindra Capital Company Limited, DSP Merrill Lynch Limited, JM Financial Institutional Securities Limited and SBI Capital Markets Limited.

The Offer is being made in accordance with Regulation 26(1) of the SEBI Regulations, through the Book Building Process wherein 50.0% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”), provided that the Company and the Selling Shareholder may allocate up to 60.0% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI Regulations.

Post allocation to Anchor Investors, the QIB Portion will be reduced by such number of Equity Shares.

5.0% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price.

Further, not less than 15.0% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35.0% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI Regulations, subject to valid Bids being received at or above the Offer Price, it added.

Follow ULTRA.news
L&T wins largest ever private sector defence order, to supply K9 VAJRA-T guns Engineering conglomerate Larsen & Toubro entered into a contract with the Ministry of Defence, Government of India to supply of 100 units of 155mm, 52 calibre Tracked Self-Propelled Gun systems to the Indian Army.The contract valued at about ₹ 4500 crore, is the largest o...
Larsen & Toubro Infotech changes to ‘LTI’ as it seeks an independent identity Larsen & Toubro Infotech, which started out as a unit of construction major L&T, has rebranded itself, dropping its parent's name from its own and projecting a more independent brand.The new logo reads 'LTI' in blue, bold letters with the tagline 'Lets Solve', and the new br...
Glaucus questions stock price of Hong Kong-listed Fullshare Holdings Ltd Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock's counter."Fullshare is supposedly a commercial and residential property developer, but this business ...
US Fed unlikely to reverse quantitative easing this year: HDFC Securities US Federal Reserve BuildingBroking and financial firm HDFC Securities Ltd said it does not expect the US Federal Reserve to start sucking out the liquidity that it has infused into the global financial market in the last nine years any time soon.The comments came in the ...
Yes Bank denies billion dollar QIP rumors Yes Bank, one of India's youngest, and fastest-growing banks, said it had no plans to go for a billion-dollar qualified institutional placement of its shares as reported by the media.The bank had tried to do a mega share sale in September last year, but the effort didn't find...
Administrative charges on employee provident fund cut to 0.65% from 0.85% After keeping the move on hold for three months due to the elections, the Employees' Provident Fund Organization has cut its administrative charges on the funds it manages to 0.65% from 0.85%, according to labor ministry sources.The cut in administrative charges -- which was ...
Vodafone merger values Idea at Rs 109.76 per share The merger deal between Idea Cellular and Vodafone India values equity shares of the Aditya Birla Group company at about Rs 109.76 at the time of completion of the merger, 2% below its present trading value.According to the terms of the contract, when the merger of Vodafone I...
L&T wins 500 cr building automation contract for Doha Metro One of Larsen & Toubro's units in the United Arab Emirates has won a Rs 500-cr order to supply building automation and control systems for 37 stations of the upcoming Doha Metro in Qatar, the company said.The contract involves installation, testing, integration, commissioning...
Bank of Baroda to raise up to Rs 1,000 cr via bond private placement Bank of Baroda said its board of directors had approved the raising of up to Rs 1,000 cr by selling perpetual bonds.The bonds would be sold via private placement, i.e. without a public auction or book building.The timing and other details will be determined by market cond...
Stock markets pricing in a BJP win in Uttar Pradesh – analyst Officials tally votes in a recent electionThe recent strength in India's key stock market indices indicates that market participants are pricing in a victory for the Bharatiya Janata Party in Uttar Pradesh, according to an stock market analyst.India's largest state has b...
Investors starting to understand Mukesh Ambani’s telecom game – Angel Broking Investors are only now starting to realize the plan that Mukesh Ambani and his telecom brainchild, Reliance Jio, have put into practice, and are therefore driving stock prices of his company higher, said Angel Broking, a retail-only stock-broker.Reliance Industries share pric...
Housing.com says demonetization to hit Real Estate sales: re-enters rentals Anticipating a slow down in home sales in the coming months in the wake of the crackdown on 'black money', housing.com will restart its rental classifieds business soon.The portal, which had seen an ugly spat between founder Rahul Yadav and investors two years ago, had sh...
Good time to buy Indian stocks – Morgan Stanley Global financial services major Morgan Stanley said India seemed poised for a five-year growth cycle for equities due to favorable macro-economic factors."India's macro stability remains in its best shape in several years and policy momentum is the best since 2007. Financial ...
India gold price jumps Rs 796 for 10 grams Expect the unexpected is the case what we see in gold price today.The country saw a sudden hike in the gold price today as Rs 30,820 for 10 grams from yesterdays price of Rs 30,024.The price for 10 grams has rose by 796 rupees from yesterday in India.UPDATE: As of 151...
US Federal Reserve likely to raise interest rate in December: Angel Broking Angel Broking said it believes that the US Federal Reserve is likely to raise policy interest rates starting from December this year.The broking house was responding to the latest move by the US central bank to keep rates steady at its last policy decision before next week’s ...
L&T Construction wins Rs 3799 Cr railway order Larsen & Tubro said the transportation infrastructure business of L&T construction won a contract worth Rs 3,799 cr from the Dedicated Freight Corridor Corporation of India Ltd. This contract has been secured by a consortium of Larsen and Toubro Ltd and Sojitz Corp.,Japan...
L&T partners with Microsoft to set up “Green Campuses” L&T Technology Services, the information technology company of the L&T group, said it has partnered with Microsoft Corporation to offer a solution to lower energy bills and cost of maintenance.L&T Technology Service's Integrated Building Energy Management Syst...
Venture Factory invites managers to join them and start their entrepreneurial journey Venture Factory, a Bangalore based venture builder platform, said it has introduced a entrepreneurial program which is aimed at middle and senior management level executives who will work under the company's payroll to setup their entrepreneurial venture.The program, christen...
L&T wins projects for Rs 6,024 crores, 40% orders from Middle East Larsen & Toubro, a leading Indian infrastructure company, said it has won projects worth Rs 6,024 crores across various business segments, including some in the Middle East.Out of theRs 6,024 crores, Rs 2,501 crores worth of projects were from the Middle East.The peri...
L&T wins $99.7 million Vietnam defence project Larsen & Toubro (LET), one of India's leading engineering and construction company said it has signed a$99.7 million project with Vietnam Border Guard to design and construct high speed patrol vessels in India.The contract also envisages transfer of design and technology ...
ICICI bank shareholders get reservation in ICICI Pru Life IPO ICICI bank, an Indian multinational banking and financial services company, said its shareholders will get a reservation of 18.13 lakh shares in the upcoming initial public offering of its subsidiary ICICI Prudential Life Insurance.Only individual shareholders will be eligibl...
L&T develops alternative to gas flares for Assam oil field Larsen & Toubro said its valve division supplied India’s first indigenously-developed High Integrity Pressure Protection System to Dirok Gas Field Development Project in Assam."Conventionally, spikes in pressure are managed by venting or flaring excess fluids. HIPPS is...
L&T bags projects of ₹ 1,458 cr including international projects in Saudi Arabia Larsen & Toubro announced that it has bagged orders of ₹ 1,458 cr, which includes a project from Saudi Electricity Company for the construction of a 132 kV double circuit transmission line and 132 kV cabling in Saudi Arabia.Power transmission & distribution business w...
L&T sets target to double revenue in five years L&T is aiming to double its revenue to Rs 2 Lakh crore by 2021 achieving an order inflow in excess of Rs 2.5 lakh crores per annum owing to better economic conditions , Chairman AM Naik said.With India's GDP growth projected to touch 7.4% in 2016-17, India is the fastest ...
Hathway to raise capital by listing subsidiary Hathway cable and datacom said that it has decided to raise money by listing its subsidiary GTPL Hathway Pvt Ltd in India.Hathway said it will sell 9 mln shares of GTPL during the initial public offering (IPO).The cable operator also setup a committee to over see the IPO....