L&T was up 2.17% at Rs 1,565 at 9:54 IST on BSE as the company's subsidiary and IT outsourcing services provider Larsen & Toubro Infotech's initial public offer (IPO) begins today, 11 July 2016.
Meanwhile, the S&P BSE Sensex was up 450.19 points or 1.66% at 27,577.09.
On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 2.07 lakh shares in the past one quarter. The stock hit a high of Rs 1,570 and a low of Rs 1,552.30 so far during the day. The stock had hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past one month till 8 July 2016, gaining 1.4% compared with Sensex's 0.39% rise. The scrip had also outperformed the market in past one quarter, advancing 28.65% as against Sensex's 9.94% rise.
The large-cap company has equity capital of Rs 186.40 crore. Face value per share is Rs 2.
Larsen & Toubro Infotech's (L&T Infotech) promoter L&T is selling a part of its stake through the IPO of L&T Infotech. L&T Infotech will not get any funds from the IPO and the entire sale proceeds will go to parent L&T. L&T is selling 1.75 crore shares of L&T Infotech through the IPO. The price band for the IPO has been fixed at Rs 705-710 per share. The bidding for the IPO closes on Wednesday, 13 July 2016.
L&T Infotech has raised Rs 372.75 crore from selling 52.5 lakh shares to a slew of anchor investors, including mutual funds, insurance companies, banks and foreign institutional investors (FIIs) ahead of the company's initial public offer (IPO). The issue of shares to anchor investors has been priced at Rs 710 per share -- the top end of the Rs 705-710 per share price band for the IPO. Foreign fund Auburn Limited is the biggest anchor investor in the L&T Infotech IPO. It has been allotted 22.53 lakh shares constituting almost 43% of the anchor investors' portion.
HDFC Mutual Fund is the second biggest anchor investor in the IPO. It has been allotted 5.63 lakh shares. Among other major anchor investors, foreign fund FIL Investments (Mauritius) and New India Assurance Company have been allotted 2.81 lakh shares each. Prudential ICICI Technology Fund has been allotted 2.11 lakh shares. L&T Infotech has got a total of 22 anchor investors.
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L&T's consolidated net profit rose 18.6% to Rs 2453.64 crore on 18.51% rise in net sales to Rs 32812.24 crore in Q4 March 2016 over Q4 March 2015.
L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.
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