L038;T to sell infrastructure arm stake for 122 mn

Larsen 038; Toubro Ltd will raise Rs 5.5 billion by selling part of its infrastructure arm to private equity investors, L038;T said in a statement on Friday.

L038;T will sell 21.6 per cent of L038;T-Infrastructure Development Projects Ltd to Silver Peak Investments Mauritius Ltd, an arm of investment bank JP Morgan Chase, and a consortium led by India Development Fund, a fund managed by IDFC Private Equity.

L038;T-IDPL has developed and sold over six million sq.ft. floor space in cities such as Hyderabad, Bangalore and Chennai, and the Sri Lankan capital, Colombo.

The company8217;s portfolio includes more than twenty projects under construction and six under development. L038;T shares ended 2.1 percent up at Rs 2,705.90.