Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessStocks

L&T, Thomas Cook shares rally 2-3% on subsidiaries' IPOs

L&T Infotech, the subsidiary of engineering and construction major L&T, has decided to launch its 1.75 crore shares initial public offer on July 11.

June 29, 2016 / 10:44 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Moneycontrol Bureau

Larsen & Toubro and Thomas Cook shares gained 1.5 percent and 3 percent intraday Wednesday, respectively on IPOs of its subsidiaries.

L&T Infotech, the subsidiary of engineering and construction major L&T, has decided to launch its 1.75 crore shares initial public offer on July 11. The issue, which will close on July 13, is an offer for sale by promoter L&T that holds 94.96 percent stake in the IT company. Hence, the company will not receive any proceeds from the offer.

Meanwhile, the Rs 400-crore IPO of staffing firm Quess Corp, the subsidiary of travel company Thomas Cook, has opened for subscription today. The price band of the issue, which will close on July 1, is fixed at Rs 310-317 per share.

Bengaluru-based company, promoted by Ajit Isaac and Thomas Cook, intends to use funds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes. It offers comprehensive solutions, including recruitment, temporary and technology staffing, and IT products and solutions, among others.

At 10:25 hours IST, the scrip of Thomas Cook was quoting at Rs 217.05, up 1.45 percent and Larsen & Toubro was at Rs 1,489.05, up 1.08 percent on the Bombay Stock Exchange.

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347