L&T Infotech to enter primary mkt on Monday

 L&T Infotech, which is the sixth largest Indian IT services company, will hit the primary market on Monday.

The Initial Public Offer (IPO) will open on July 11 and close on July 13, its public offer of up to 17,500,000 equity shares of face value of Re 1 each for cash at a price-band from Rs 705 to Rs 710 per equity share.

“L&T Infotech will not enjoy the proceeds of the issue as this will be an offer for sale, and the sale amount will go to L&T,” said officials.

Sanjay Jalona, CEO and MD of L&T Infotech, said they do not see any impact of Brexit. “It could be an opportunity for IT companies. Around 17% of our revenues come from Europe,” he said.

Ashok Sonthalia, CFO of L&T Infotech, said the employee headcount increased from 17,627 in FY14, to 20,072 in FY16, and that its PAT CAGR is 18.2% (2014-16). The executives pointed out the huge market opportunity ahead for the company.

Earlier, speaking about the company, S N Subrahmanyan, President and Deputy Managing Director, L&T, said the company is working with 248 clients including 49 Fortune 500 clients. Close to 47% of its revenues comes from the BFSI (Banking, Financial Services and Insurance) sector.