Decision on timing of L&T Infotech IPO in a week: Naik

Engineering major Larsen & Toubro (L&T) on May 25 said it will decide on when to launch the IPO of L&T Infotech in a week.

"In a week's time we will decide when we would launch the L&T Infotech IPO," L&T Group Executive Chairman A M Naik told reporters.

"It would be a week before we can say it will be launched immediately or may be few months later, but the fact is that it will be launched," Naik added.

L&T had filed the draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) in April.

The markets regulator has cleared the IPO proposal.

The IPO comprises an offer for sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd.