The expansion project will be implemented at the customer's brownfield plant in Germany over 30 months
People in the know said there was investor demand at a lower price
Engineering services firm banks on larger deals to pick up pace
For the March quarter, L&T Technology Services posted year-on-year revenue growth of 30 per cent to Rs 10.54 billion
The stock was up 4% to Rs 1,270 on the BSE after the company announced that it has signed an agreement with ExxonMobil Exploration Company, valued at more than $20 million in the first year.
The stock was trading 1.7% higher at Rs 1,203 on the BSE, as compared to 1% decline in the S&P BSE Sensex at 11:07 am
The stock hit a new high of Rs 1,547, up 18%, rallied 56% from Rs 989 since January 18, 2018 as compared to 2.7% decline in the S&P BSE Sensex.
The stock surged 13% to Rs 1,145 on BSE, trading close to its record high of Rs 1,150 touched on January 4, 2018 in intra-day trade.
Announced it would pay $27 mn to acquire the firm and out of that $15 mn would be paid upfront
The company will provide verification support
Demand for L&T Tech was tepid, as investors stayed away, having lost money on group concern L&T Infotech
It hit a high of Rs 931.45 and a low of Rs 897 in intra-day deals on the NSE
The 7.28-million share offering received bids for 18 million shares
The price band for the issue is Rs 850-860 per share
The Rs 890-crore initial public offering (IPO) of shares of L&T Technology Services was subscribed 18 per cent on day one. The retail (small investor) portion of the IPO was subscribed 19 per cent, while the institutional (big money) investor segment was covered 27 per cent, data provided by stock exchanges showed. The Larsen & Toubro group firm on Friday had raised Rs 268 crore from anchor investors (or underwriters) by allotting them 3.12 million shares at Rs 850 apiece. L&T Technology Services's initial public offering of shares will remain open till Thursday.
Earlier in July, L&T Infotech had tapped the primary markets for funds. The stock listed 6% below the IPO price
Since its listing on July 21, the stock has not done well
The Rs 890-cr IPO will hit the market on Sept 12 and close on Sept 15
Promoters are planning to pare 10% of their stake in the company and eyeing a valuation of $1-1.5 billion