Canada's Pension Fund Invests Rs 1,000 Crore in L&T Arm
(L&T) on Tuesday said Canada Pension Plan Investment Board (CPPIB) has invested Rs 1,000 crore in its infrastructure arm, L&T IDPL.
New Delhi: Engineering major Larsen & Toubro (L&T) on Tuesday 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.
Shares in L&T, on Tuesday, ended 0.67 per cent higher at Rs 1,283 apiece on the BSE, whose benchmark Sensex index finished up 0.68 per cent.