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Stock Report
L&T concludes Divestment of its entire stake in L&T Infrastructure Development Projects Limited
Posted On : 2024-04-12 11:28:39( TIMEZONE : IST )
Larsen & Toubro(L&T) has announced the completion of divestment of L&T Infrastructure Development Projects Limited (LTIDPL), a joint venture between Larsen & Toubro Limited and Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively. LTIDPL has been a pioneer in PublicPrivate-Partnership (PPP) model of Infrastructure development in India. Both L&T (51%) and CPP Investments (49%) stakes have been acquired by M/s Epic Concesiones Private Limited, an investee company of Edelweiss Infrastructure Yield Plus Strategy, managed by Edelweiss Alternative Asset Advisors Limited (EAAA).
This deal is in line with L&T's strategy to exit non-core businesses for reducing its exposure to the asset heavy developmental projects portfolio thereby enhancing its Return on Equity.
"This transaction marks the achievement of a significant milestone towards the execution of our strategic Lakshya 2026 plan and also provides a conducive environment for growth to L&T IDPL under Edelweiss Alternatives. The transaction is the culmination of a long journey for L&T that started in early 2000s in the Developmental Projects business and I have no doubt that the portfolio of good quality assets and team of IDPL will add value to Infrastructure Yield Strategy of Edelweiss Alternatives platform going forward. I would also like to thank the concession authorities and lenders to IDPL for their valuable support to this divestment". said Mr. D.K. Sen, Advisor to CMD & Head - Development Projects.
Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 3754.95 as compared to the previous close of Rs. 3784.50. The total number of shares traded during the day was 24016 in over 2209 trades.
The stock hit an intraday high of Rs. 3800.00 and intraday low of 3750.25. The net turnover during the day was Rs. 90411227.00.
