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!