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L&T Infotech Lists at 6% Discount to the Issue Price
L&T Infotech Shares Open Below Issue Price
21 Jul 2016, 03:41 PM IST 
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Sanjay Jalona, chief executive officer & managing director, L&T Infotech (left) and AM Naik, group executive chairman, L&T, at the press conference. (Photographer: Sajeet Manghat/BloombergQuint)
Larsen & Toubro Infotech Ltd. debuted on the stock exchanges at Rs 669 a piece, a discount of 5.7 percent to the issue price of Rs 710. The stock ended the pre-open discovery session at Rs 666.60.
L&T Infotech hopes to become a $3 billion company in the next five years, AM Naik, the executive chairman of L&T Group, said in a press conference. The parent company will rally behind L&T Infotech, Naik added.
L&T Infotech raised Rs 1,243 crore from the initial share sale, which had been subscribed 11.68 times. The company received bids for 14 crore shares versus the 1.2 crore shares on offer. The price band for the issue was set at Rs 705-710 per share, with a Rs 10 discount for retail investors.