Financial Daily from THE HINDU group of publications
Saturday, Apr 22, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 22, 2006 |
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Corporate
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Private Placement L&T to raise Rs 550 cr thru private equity for infrastructure arm Our Bureau
Mumbai , April 21 Larsen & Toubro is raising Rs 550 crore in private equity for 21.6 per cent stake in its infrastructure holding company, L&T Infrastructure Development Projects Ltd. L&T and L&T-Infrastructure Development Projects Ltd (L&T-IDPL) on Friday signed agreements with a group of private equity investors consisting of Silver Peak Investments (Mauritius) Ltd and a consortium led by India Development Fund. Silver Peak Investments is a wholly owned subsidiary of JP Morgan Chase & Co held through JP Morgan Special Situations Asia LLC. With this investment, the post-issue equity valuation of L&T-IDPL will work out to Rs 2,448 crore, said an L&T statement. The transaction sets a benchmark for the value of L&T's current portfolio of investments and its value as a platform, it said. "The combination of JP Morgan Chase's international experience and IDF's knowledge of India's infrastructure sector would reinforce L&T's processes in evaluating investments in the sector and also introduce the investors' perspective to the process of value creation." L&T-IDPL portfolio is diversified with a mix of projects across all sectors, said the statement. The portfolio includes more than 20 projects in operation and construction with further six projects under development. 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 such as Hyderabad, Bangalore, Visakhapatnam, Chennai, Kochi and internationally, in Colombo, Sri Lanka. L&T's track record as a credible developer of IT Parks has attracted international banks and software companies for developing built-to-suit and multi-tenanted facilities for their operations in India and Sri Lanka.
More Stories on : Private Placement | Engineering | Infrastructure | Foreign Institutional Investors | Larsen & Toubro Ltd
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