L&T puts IT arm's IPO plan on hold (The Economic Times 15th Feb 2008)L&T Infotech, the IT arm of engineering major Larsen & Tubro, has put its IPO plan on hold citing unfavourable market conditions. A senior company official said the company could issue shares to promoters to raise money if and when needed. The company had earlier announced its plans for a listing in the latter half of 2008. Speaking to ET on the sidelines of the Nasscom summit, chief executive and member of board at L&T Infotech, Vijay Magapu, said: “Although we have the intention of doing an IPO, the market conditions are not right just now. While the preparation for the IPO is on within the company, the time for hitting the capital markets could be extended considering that P/E ratios of many listed IT companies have fallen in the recent market correction, apart from other factors like the rising rupee and the non-extension of the STPI regime.” Instead, the company is known to be looking at grow...
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