Decision to sell 15% of stake in L&T Technology Services comes two days after L&T Infotech IPO was subscribed more than 11 timesMumbai: India’s largest engineering and construction company Larsen and Toubro Ltd (L&T) will sell up to 15% stake in its unit L&T Technology Services Ltd through an initial public offer (IPO). The decision to sell 15% of stake in L&T Technology Services comes two days after L&T Infotech Ltd’s Rs.1,243 crore IPO was subscribed more than 11 times on the final day of its sale on Wednesday. In its filing to BSE on Friday, L&T said it has decided to participate in the offer for sale of equity shares by way of IPO by L&T Technology Services. Prior to 1 January 2014, the business was conducted as a division of L&T and as a sub-segment business of L&T’s unit, L&T Infotech Ltd. L&T Technology Service is a pure play global engineering, research and development services company.

Source: Mint July 15, 2016 08:37 UTC