L&T Infotech today raised Rs 373 crore from anchor investors by selling shares at a price of Rs 710 apiece ahead of its initial share sale next week.
As many as 22 anchor investors, including Auburn Ltd and General Insurance Corp, have been allotted shares by the company.
The IT firm, part of the diversified Larsen & Toubro group, would be coming out with the IPO that can fetch up to Rs 1,243 crore. The price band for the issue, which would be open for subscription from July 11 to 13, has been fixed at Rs 705-710.
The IPO committee of the company has finalised allocation of 52.5 lakh shares to anchor investors at a price of Rs 710 apiece, it said in a communication to the National Stock Exchange today.
Shares to the anchor investors have been allotted at the upper price band of Rs 710.
Among the anchor investors are BNP Paribas, HDFC Trustee Co, Prudential ICICI, Global Strong Growth Fund, Shriram Life Insurance, Reliance Capital, TATA AIA Life, Union Bank of India and New India Assurance.
At the upper end of the price band, the offer would be worth Rs 1,243.50 crore. The sale would rake in Rs 1,233.75 crore at Rs 705 per share.
Retail individual investors would get a discount of Rs 10 on the price fixed.
The IPO comprises an offer-for-sale of up to 1.75 crore equity shares by L&T Ltd. It constitutes 10.3 per cent of the post offer paid-up equity share capital of the company.
Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities would be managing the issue.
On Thursday, L&T Group Executive Chairman A M Naik said the immediate target for L&T Infotech is to double its revenue to USD 2 billion (nearly Rs 13,500 crore) in next three years.
In the financial year 2015-16, L&T Infotech's revenue from operations and other income stood at Rs 6,143.02 crore while it clocked a profit after tax of Rs 922.17 crore during the same period.
