Canada pension board set to become controlling shareholder in L&T IDPL
Toronto-based Canada Pension Plan Investment Board (CPPIB) is set to become the controlling shareholder in L&T Infrastructure Development Projects Ltd (L&T IDPL) when India’s biggest engineering and construction firm converts the Compulsorily Convertible Preference Shares (CCPS) allotted to the pension fund giant in 2014 and 2015 by the end of the month, at least two persons said.
CPPIB invested ₹1,000 crore in L&T IDPL in December 2014 followed by a further ₹1,000 crore in December 2015, against which it was allotted the CCPS.
“CPPIB will become the majority shareholder of L&T IDPL with a stake of 51 per cent or more upon conversion of CCPS by September 30,” a person briefed on the plan said, asking not to be named.
