L&T outsourcing unit files draft IPO papers

MUMBAI (Reuters) - Industrial conglomerate Larsen & Toubro Ltd said on Monday its information technology outsourcing unit has filed draft red herring prospectus with the country's markets regulator for an initial public offering of 17.5 million shares.

L&T, one of India's biggest industrial groups, said in July it would sell up to 15 percent of its holding in L&T Infotech.The group's chairman told Reuters last week L&T was looking to sell some assets including roads and infrastructure projects and dilute its stake in non-core subsidiaries to revive performance.

(Reporting by Karen Rebelo in Mumbai; Editing by Sumeet Chatterjee)