L&T to buy Old Lane’s stake in subsidiary for ₹48 cr

Larsen & Toubro on Friday said it has signed an agreement to buy the entire stake of Old Lane Mauritius III Ltd in L&T Infrastructure Development Projects (L&T IDPL) for ₹47.9 crore.

The share purchase agreement was executed on Thursday, the company said in a filing to BSE.

L&T will buy 2.55 per cent stake (81,90,000 shares) of Old Lane in L&T IDPL.

“At the request of Old Lane, subject to completion of certain conditions precedent, L&T has agreed to purchase its small holding in L&T IDPL as a gesture of goodwill towards a longtime investor,” the filing said.