L&T Finance has put its plans for an initial public offer (IPO) on the back burner till market conditions stabilise, a top company official said.
The company, the finance arm of Larsen & Toubro (L&T), is understood to be concerned by the present volatility in the market and hence, is likely to come out with its IPO only after conditions stabilise.
"We have already received the necessary approvals and have kept ourselves ready for the IPO. But seeing the market trend in the last few days, we have decided to be cautious," L&T Chief Financial Officer Y M Deosthalee told reporters here today.
If the market continues to be volatile, then launching an IPO will not be desirable, he said, adding, "When stability comes in, we will come out with our IPO."
The company plans to raise around Rs 1,500 crore through the IPO and will use the proceedings to expand its business by launching new products and services, as well as enter new lines of businesses.
