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L&T outsourcing unit files draft IPO papers

Reuters

MUMBAI (Reuters) - Industrial conglomerate Larsen & Toubro Ltd (LART.NS) said on Monday its information technology outsourcing unit has filed draft red herring prospectus with the country's markets regulator for an initial public offering of 17.5 million shares.

L&T, one of India's biggest industrial groups, said in July it would sell up to 15 percent of its holding in L&T Infotech.The group's chairman told Reuters last week L&T was looking to sell some assets including roads and infrastructure projects and dilute its stake in non-core subsidiaries to revive performance.

(Reporting by Karen Rebelo in Mumbai; Editing by Sumeet Chatterjee)