Engineering major Larsen & Toubro (L&T) today said Canada Pension Plan Investment Board (CPPIB) has invested Rs 1,000 crore in its infrastructure arm L&T IDPL.
This is the second tranche of investment made by CPPIB's in L&T Infrastructure Development Projects Ltd. In June last year, CPPIB had committed to invest Rs 2000 crore in L&T IDPL.
"CPPIB today completed its second tranche investment of Rs 1,000 crore," L&T said in a regulatory filing.
The first tranche of investment of Rs 1,000 crore was made on December 16, 2014 by way of subscription of compulsorily convertible preference shares of L&T IDPL, it added.
The second tranche was to be invested after 12 months from the date of the first investment. CPPIB's subsidiary has made the second tranche of investment today by subscribing to compulsorily convertible preference shares of L&T IDPL, the filing said.
L&T IDPL's business includes development of roads and bridges, ports, metro rail, power transmission lines, wind energy and emerging sectors such as water and railways.
Besides L&T IDPL, CPPIB has also made investments in Kotak Mahindra Bank, Piramal Enterprises, Shapoorji Pallonji Group and India Value Fund Advisors among others.
L&T stock closed 0.67 per cent up at Rs 1,283 on BSE.
(REOPENS DCM 43)
L&T Technology Services has filed the Draft Red Herring Prospectus (DRHP) filed with capital market regulator Sebi.
"The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of up to 10,400,000 equity shares by the selling shareholder.
"The listing of the equity shares will enhance our brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for the equity shares in India," it said.
As per the company's restated consolidated summary statement of profits and losses, profit after tax was Rs 416.65 crore on total revenues of Rs 3,142.72 crore in the last financial year.
The book running lead managers for the offer are Kotak Investment Banking, BofA Merrill Lynch, JM Financial and SBI Capital Markets Ltd.
