Timing it right

Banks and brokers engaged in distribution and marketing of initial public offerings (IPO) wanted L&T group firm L&T Technology Services' issue dates to be postponed by a day because of logistical constraints. L&T Tech's IPO opens on September 12 and closes on September 15, which happens to be Ganapati visarjan or immersion day. However, A M Naik, chairman, L&T, wanted to be done with the issue before September 16, when pitru paksha or shradh starts, according to people in the know. Many consider the shradh period inauspicious for financial transactions.