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 Rs 47.9 crore. The share purchase agreement was executed on Thursday, the company said in a filing to BSE. <\/p>\n
L&T will buy 2.55 per cent stake (81,90,000 shares) of Old Lane in L&T IDPL. <\/p>\n
“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. <\/p>\n
Post the completion of this acquisition, L&T will have 100 per cent shareholding in L&T IDPL. <\/p>\n
“The acquisition is not a related party transaction. The transaction is done on an arm’s length basis,” the filing said. <\/p>\n
L&T IDPL, a subsidiary of L&T, was incorporated on February 26, 2001 and has been a pioneer of the public-private partnership (PPP) model of development in India. <\/p>\n
The company has since its inception completed landmark infrastructure projects across key sectors like roads, bridges, ports, airports, water supply, hydel energy and urban infrastructure.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 Rs 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. […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[230],"tags":[],"class_list":["post-296917","post","type-post","status-publish","format-standard","hentry","category-roads"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/296917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=296917"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/296917\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=296917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=296917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=296917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}