L&T’s subsidiary - L&T Infrastructure Development Projects (L&T IDPL) has received the second tranche investment of Rs 1,000 crore from CPPIB. As part of the definitive agreement entered into by Larsen &Toubro (L&T) and Canada Pension Plan Investment Board (CPPIB) in June 2014, whereby CPPIB through its Singapore-based wholly owned subsidiary, had committed to make an investment of Rs 2,000 crore into L&T IDPL in two tranches.
The first tranche investment of Rs 1,000 crore was made on December 16, 2014 by way of subscription to compulsorily convertible preference shares of L&T IDPL and the second tranche of Rs 1,000 crore was to be invested in L&T IDPL by CPPIB’s subsidiary, after twelve months from the date of the initial investment.
The second tranche investment of Rs 1,000 crore has now been made by CPPIB’s subsidiary on December 15, 2015 by subscribing to compulsorily convertible preference shares of L&T IDPL.
