L&T Infotech listing deferred to 2009

Indian engineering firm Larsen & Toubro Monday said it has rescheduled the initial public offering of unit L&T Infotech to 2009, reports CNBC-TV18 quoting NW18.

"We are not in a hurry and we will not get the required valuation in the present market conditions. So we have postponed it," Chairman and Managing Director A M Naik told reporters on the sidelines of a company event.

The IPO was originally scheduled for late this year, 2008.

Naik said also that the likely slowdown in the global economy isn't worrying the company's infotech division. "We are growing faster than any other mid-sized software company," he said.

Source: Moneycontrol.com

L&T Infotech IPO postponed indefinitely

Larsen and Toubro's IT subsidiary L&T Infotech has indefinitely postponed listing this financial year due to volatility in the markets and lower valuations of Indian IT companies, reports CNBC-TV18.

L&T had earlier said that the Infotech arm would list, when it crossed the figure of USD 500 million in revenues. L&T expects to do that in fiscal 2008.

VK Magapu, Chief Executive, L&T Infotech said, "All the time we said we would do it when the conditions were right and we don't think that the conditions are looking right now so it's a question of planning, it may not fit inn immediately."

Source: Moneycontrol.com