Thursday, 15 September 2016

Larsen and Toubro (L&T), got oversubscribed 1.43 times till afternoon trade on the last day: 15 Sept 2016



  • Larsen and Toubro (L&T), got oversubscribed 1.43 times till afternoon trade on the last day of the offer on Thursday.
  • The Rs900-crore IPO, received bids for 1,04,33,712 shares as against the total issue size of 72,80,000 shares, data available with the NSE till 1400 hours showed.
  • This is the second company from the L&T Group to hit the market with an IPO since July, when L&T Infotech had launched a public offer. The flagship Larsen and Toubro is already listed.
  • L&T Technology Services had last week raised over Rs268 crore from anchor investors. The issue comprises an offer for sale of up to 10,400,000 shares by its promoter L&T. The price band is fixed at Rs850-860.
L&T Technology Services Ltd.
5th Floor, West Block-II, L&T Knowledge City (IT/ITES) SEZ, N.H , Vadodra , Gujarat - 390019
Phone: 6705000 Fax: 6705955
Public Issue of 10400000 Equity Shares of Rs 2 each for Cash at a Premium of Rs 858 per share.
Issue Open Date Issue Closing Date Application Money Allotment Money
12/9/2016 15/09/2016 860 -
Lead Managers Registrar Listed at
DSP MERRILL LYNCH LIMITED KARVY COMPUTERSHARE PRIVATE LIMITED BSE, NSE
JM FINANCIAL INSTITUTIONAL SECURITIES LIMITED. Karvy Selenium Tower B, Plot No 31-32, Gachibowli, Financial Dist
JM FINANCIAL SERVICES LIMITED
KOTAK MAHINDRA CAPITAL COMPANY LTD. , Hyderabad , Telangana - 500032
KOTAK SECURITIES LTD. Phone: 67162222 Fax: 23431551
SBI CAPITAL MARKETS LIMITED
SBICAP SECURITIES LIMITED
Object of the issue
The objects of the Offer are to achieve the benefits of listing the Equity Shares on the Stock Exchanges and to carry out the
sale of up to 10,400,000 Equity Shares by the Selling Shareholder. The listing of the Equity Shares will enhance the brand
name and provide liquidity to the existing shareholders. The listing will also provide a public market for the Equity Shares in
India. the Company will not receive any proceeds from the Offer.
Promoted by
The Promoter of the Company is
1. Laresn & Toubro Ltd.
1. Laresn & Toubro Ltd. : The Promoter of the Company is L&T. the Promoter currently holds 101,690,392 Equity Shares (including six Equity Shares held jointly with six individuals as nominees of the Promoter), equivalent to 100.0% of the pre-Offer issued, subscribed and paid-up Equity Share capital of the Company. the Promoter was incorporated on February 7, 1946 at Mumbai. The registered office of the Promoter is located at L&T House, Ballard Estate, Mumbai 400001. the Promoter was set up as a partnership in 1938 by two Danish engineers after whom the company is named - Henning Holck-Larsen and Soren Kristian Toubro. The partnership supplied Indian industry with equipment made in Europe. Subsequently it began manufacture of primary equipment for dairy and other industries. In 1946, the partnership was incorporated as a private limited company, and in 1950, was converted to a public limited company. the Promoter established a reputation for quality, reliability and customer-orientation, and rapidly expanded its
capabilities. It manufactured equipment and executed projects that served critical sectors of the economy - chemical plants, refineries, mining, nuclear, aerospace and infrastructure at a works complex in Powai, Mumbai. Expanding beyond its works at Powai, Mumbai, the Promoter set up manufacturing facilities at other locations including Chennai (then Madras), Kansbahal (near Rthekela), Faridabad and Bengaluru (then Bangalore).
The Promoter entered the business of cement manufacturing in the early 1980s. Setting up a number of cement plants in succession, it emerged within a couple of decades as one of the country’s major manufacturers of premium quality cement. In 1987, the Promoter set up a waterfront facility at Hazira, capable of fabricating over-dimensioned equipment and platforms for the hydrocarbon industry. Additionally, the Promoter strengthened its manufacturing capability by setting up new facilities, including those at Ahmednagar and Talegaon in Maharashtra, Mysuru in Karnataka and Coimbatore in Tamil Nadu. Currently, the Promoter’s manufacturing footprint extends across India, the Middle East, South East Asia and U.K. the Promoter has also taken steps to augment its engineering and design capabilities. In addition to an entire campus - ‘Knowledge City’ at Vadodara, the Promoter has design facilities and ‘Technology Centres’ including those at Faridabad, Mumbai, Bengaluru, Mysuru and Chennai. Across the decades, the Promoter’s profile and portfolio have changed in line with its strategic vision. It has either discontinued or divested stake in business lines not integral to its core strengths in engineering and construction. Businesses from which it has exited include equipment for the food processing industry, packaging equipment, glass containers, tractors, medical equipment and plastics processing. The cement business was de-merged in 2004.

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