L&T raises Rs 550cr pvt equity for infra firm

Larsen & Toubro (L&T) & L&T Infrastructure Development Projects (L&T-IDPL) today signed definitive agreements to divest 21.6% stake in L&T-IDPL for Rs 550 crore.

According to a release issued by L&T to the BSE today, the funds would be raised from a group of private equity investors including Silver Peak Investments (a wholly-owned subsidiary of JP Morgan Chase), and a consortium led by India Development Fund (a fund managed by IDFC Private Equity).

The post-issue equity valuation of L&T-IDPL will work out to Rs 2,448 crore, the release said.

"L&T-IDPL portfolio is well diversified with a balanced mix of projects across all sectors. The portfolio includes more than twenty projects in operation and construction with a further six projects under development," the release said.

L&T-IDPL, by itself and through L&T Infocity, has developed and sold/leased a total floor space area of over six million sq.ft. in cities like Hyderabad, Bangalore, Visakhapatnam, Chennai, Kochi and Colombo, Sri Lanka.