L&T-Infrastructure Development Projects Limited will divest 21.6 per cent stake to Silver Peak Investments (Mauritius) and an India Development Fund-led consortium for Rs 550 crore.
Silver Peak Investments (Mauritius) is a wholly-owned subsidiary of JP Morgan Chase & Co and India Development Fund is a fund managed by IDFC Private Equity.
A formal agreement to this effect was signed Friday between L&T, L&T-IDPL and the investors. This deal puts the valuation of L&T-IDPL at Rs 2,448 crore. L&T-IDPL portfolio includes more than 20 projects in operation and construction with a further six projects under development.
The company has developed and sold or leased a total floor space area of over six million sq ft in Hyderabad, Bangalore, Visakhapatnam, Chennai, Kochi, and Colombo (Sri Lanka).
JP Morgan, through its Asian Special Situations Group, invests across a range of industries in the capital structure of companies in various phases of their strategy and growth.
IDFC Private Equity manages two funds -- India Development Fund and IDFC Private Equity Fund II -- with a combined corpus of $620 million (Rs 2,800 crore).
Portfolio companies include GMR Energy, Gujarat State Petronet, Chalet Hotels, Hotel Leelaventures, Gujarat Pipavav Port and Delhi International Airport.
