The Hindu Business Line : L&T picks up 26% in Feedback Ventures

Meanwhile, DLF and Thapar Group, which earlier had 19 per cent and 12.7 per cent stake respectively, have exited the company, with the promoter group picking up their stake.

L&T was one of Feedback’s largest clients in 2006-07.

With this new status, the Feedback Ventures management hopes to significantly enhance its presence in most infrastructure sectors by working alongside L&T, both domestically and internationally, according to a company release.

Feedback Ventures on Tuesday stated that it has raised around Rs 40 crore from Larsen & Toubro (L&T) while restructuring its equity base.

This gives L&T a 26 per cent share in the privately-held company. L&T will be appointing two of its nominees to the board of Feedback Ventures, stated a company release.

Simultaneously, the promoter group, comprising Mr Vinayak Chatterjee (Chairman), Mr R.S. Ramasubramaniam (Vice-Chairman), and their associates, has raised its own shareholding to 46 per cent by buying out two exiting shareholders.

Restructuring

With this restructuring, the shareholding pattern of Feedback Ventures is 46 per cent with the promoters, 12 per cent with HDFC, 16 per cent with IDFC and 26 per cent with L&T. Its Board Members include Dr Rajiv B. Lall, Managing Director of IDFC and Ms Renu S. Karnad, Joint Managing Director of HDFC.

Prior to the equity rejig, the promoter group had 36 per cent stake, while the rest was held by IDFC (20.8 per cent), DLF (19 per cent), Thapar Group (12.7 per cent) and HDFC (11.5 per cent).

Feedback Ventures, currently, employs over 800 professionals and provides integrated “advisory-engineering-project management” services across the infrastructure sectors like roads and highways, ports, railways, logistics, large-format townships and SEZs, power, water-sanitation and urban transportation and urban infrastructure.

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