Mumbai-based Larsen initially wants to list assets valued in the "low" hundreds of millions of dollars, R Shankar Raman said, after deciding against an earlier plan to list the assets in Singapore.
Industrial conglomerate Larsen and Toubro Ltd is exploring a listing of its infrastructure assets including toll roads in the local market via a newly created investment trust, its chief financial officer told Reuters.
Mumbai-based Larsen initially wants to list assets valued in the "low" hundreds of millions of dollars, R Shankar Raman said, after deciding against an earlier plan to list the assets in Singapore.
"If we can list these assets without the foreign exchange risk, then obviously we would prefer to do it," he said, adding the company needed clarity on some tax issues before moving ahead with it.
India cleared the way for the country's first infrastructure trusts as well as so-called real estate investment trusts in July by announcing tax benefits, allowing developers to monetize their assets through a stock exchange listing.
Larsen had tapped investors earlier this year for a listing of its infrastructure assets in Singapore - in a deal sources familiar with the matter said could have raised up to USD 800 million - but did not move ahead with the plan.
Larsen stock price
On October 09, 2014, Larsen and Toubro closed at Rs 1484.75, up Rs 37.30, or 2.58 percent. The 52-week high of the share was Rs 1774.70 and the 52-week low was Rs 817.00.
The company's trailing 12-month (TTM) EPS was at Rs 62.86 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 23.62. The latest book value of the company is Rs 362.65 per share. At current value, the price-to-book value of the company is 4.09.
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