L&T drops plan for Infotech IPO
SOURCE: EconomicTimes
DATE: Feb 25th, 2008
Larsen and Toubro on Monday said it is not going ahead with its IPO plan for its IT company, L&T Infotech, because of the volatile global market condition.
“We are dropping plans of an IPO for Infotech in 2008 because the markets are volatile,” L&T CMD A M Naik told reporters.
Earlier, L&T officials had said Infotech would be listed in 2008. However, the heavy engineering major would look for an Infotech IPO in 2009, he said. “If we go now for an IPO, we won’t get better valuation,” Naik said.
Two major companies have withdrawn their IPOs earlier this month because of undersubscription. They are Emaar MGF and Wockhardt Hospitals. Emaar planned to raise Rs 6,400 crore and Wockhardt Hospitals Rs 640 crore.
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