Larsen & Toubro unit L&T Finance is seeking to raise $391.5 million in an initial public offering, The Wall Street Journal reports. The sale will aide Larsen & Toubro’s (L&T) plan to divide its businesses in independent and self sustaining divisions.

Some of the sale proceeds may be used for the repayment of intercorporate deposit worth $77.09 million and for future growth, adds Moneycontrol.com. JM Financial Consultants Private, Citigroup Global Markets India Private, HSBC Securities and Capital Markets (India) Private and Barclays Securities (India) Private are some of the joint bookrunning managers for the deal.

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