L&T Technology Services, a wholly-owned subsidiary of engineering major Larsen & Toubro, plans to raise Rs 884-894 crore from the primary market by offloading 10.2 per cent of the parent’s equity.
The company is putting 1.04 crore shares on the block at a price band of Rs 850-860 per equity share of face value of Rs 2. The IPO will be open from September 12-15.
The minimum bid lot is 16 shares and thereafter in multiples of 16. The shares will be listed on the BSE and NSE. Kotak Mahindra Capital, Bank of America - Merrill Lynch, JM Financial and SBI Capital Markets are the book running lead managers to the issue.
L&T Technology Services is a pure-play engineering services company, the management said at a press conference.
The company operates in five industry segments - transportation, industrial products, telecom and hi-tech, process industry and medical devices.