L&T Finance IPO only after market conditions stabilise

Mumbai, Jan 17 (PTI) L&T Finance will float itsinitial public offer (IPO) only after taking prevailing marketconditions into account, a top company official said.

The company, the finance arm of Larsen & Toubro (L&T),is understood to be concerned by the present volatility in themarket and hence is likely to come out with its IPO only afterconditions stabilised.

"We have already received the necessary approvals andhave kept ourselves ready for the IPO. But seeing the markettrend in the last few days, we have decided to be cautious,"L&T''s Chief Financial Officer, Y M Deosthalee, told reportershere today.

If the market continues to be volatile, then launchingthe IPO would not be desirable, he said, adding, "whenstability comes in, we will come out with our IPO."

The company plans to raise around Rs 1,500-crorethrough the IPO and would use the proceedings to expand itsbusiness by launching new products and services, as well asentering new lines of businesses.