Shares of engineering and construction major L&T rose 1.76% as the company's subsidiary and IT outsourcing services provider Larsen & Toubro Infotech known as L&T Infotech's initial public offer (IPO) commenced today, 11 July 2016. L&T Infotech's promoter L&T is selling a part of its stake through the IPO of L&T Infotech. L&T Infotech will not get any funds from the IPO and the entire sale proceeds will go to parent L&T. L&T is selling 1.75 crore shares of L&T Infotech through the IPO. The price band for the IPO has been fixed at Rs 705-710 per share. The IPO opened for bidding today, 11 July 2016 and closes on Wednesday, 13 July 2016.
Meanwhile, as per media reports, the central government has finally made up its mind to sell minority stakes held in many listed and unlisted companies through the Specified Undertaking of the Unit Trust of India (SUUTI), in a bid to meet its asset-sale target. The government invited bids from bankers for the mandate to manage the stake-sale process, reports suggested. SUUTI held 8.15% stake in L&T as per the shareholding pattern as on 31 March 2016.
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