Wednesday 16 December 2015

L&T arm gets second tranche of investment from Canada Pension

Canada Pension Plan Investment Board (CPPIB), through its Singapore based wholly-owned subsidiary, has made a second tranche investment totalling Rs.1,000 crore in L&T Infrastructure Development Projects Ltd. (L&T IDPL), according to a stock exchange filing.
The investment was made by subscribing to compulsorily convertible preference shares of L&T IDPL, a subsidiary of Larsen & Toubro. The L&T unit had sought the investment to reduce its debt burden as well as to attract equity from globally reputed funds. L&T on Tuesday informed the stock exchanges that the money had been received by L&T IDPL as committed by CPPIB last year. As part of a definitive agreement entered into by L&T and CPPIB in June 2014, the latter had committed to make an investment of Rs. 2,000 crore in L&T IDPL in two tranches.
First tranche
The first tranche investment of Rs.1,000 crore was made on December 16, 2014, and the second tranche was to be invested 12 months from the date of the initial investment.
“CPPIB on Tuesday completed the second tranche investment of Rs.1,000 crore,” according to a L&T filing.

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