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L&T plans to sell 20% stake in infra arm: Report

By Religare
L&T plans to sell 20% stake in infra arm: Report
India's largest private sector engineering conglomerate Larsen & Toubro (L&T) is planning to sell 20 per cent stake in its infrastructure arm to raise around Rs 2,500 crore, said a media report.

The report said that Malaysian sovereign fund Khazanah, Abu Dhabi headquartered Mubadala Development Corporation and US-based fund Capital International emerged as the frontrunners for this deal.

The infra arm, L&T Infrastructure Development Projects, will be valued at Rs 12,500 crore or just under USD 2 billion following the transaction which is one of the larger fund-raising exercises in recent times and signals continuing appetite for such investments despite gloom surrounding equities.

However, company's managing director KV Venkatesh refused to comment on the development and termed the reports as speculative. "I do not want to comment on any specific transactions. These are all speculative in nature."

Read more about: larsen toubro
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