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Sadbhav Infrastructure Project Ltd updates on funding
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CPPIB expands IndInfravit stake
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Canada Pension Plan Investment Board (CPP Investments), the largest Canadian pension fund manager, today said it bought an additional 15.9 per cent of the total units in IndInfravit Trust for Rs 1,005 crore. The units were bought in two separate deals. CPP Investments has acquired seven per cent of the units from Sadbhav Infrastructure Project and will acquire an additional 8.9 per cent from L&T IDPL, which, upon completion, will increase CPP Investments’ stake in IndInfravit from 27.9 per cent to 43.8 per cent . IndInfravit is an infrastructure investment trust (InvIT) sponsored by L&T Infrastructure Development Projects Limited . Launched in 2018, IndInfravit acquires and maintains stable brownfield road concessions in the country.
CPP invests Rs 1,005 cr more in Indinfravit for additional 16% stake
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Last Updated: May 06, 2021, 10:10 PM IST
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Indinfravit is an infrastructure investment trust (InvIT) sponsored by L&T Infrastructure Development Projects since 2018 to acquire and maintain brownfield road concessions.
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The combined investment is 173 million Canadian dollars or Rs 1,005 crore, the CPP said in a statement.
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MUMBAI: The Canada Pension Plan Investment Board or CPP Investments on Thursday acquired an additional 15.9 per cent of the total units in Indinfravit Trust (Indinfravit) through two separate transactions, for 173 million Canadian dollars (Rs 1,005 crore), taking its ownership in the trust to 43.8 per cent from 27.9 per cent now.
Through NCD issuance and sale of units of IndInfravitSadbhav Infrastructure Projects (SIPL) has entered into the Debenture
Trust Deed to raise Rs 700 crore from the investors led by Allianz Global Investors (Allianz GI) and AMP Capital (the Investors) out of which a sum of Rs 550 crore has already been funded by the Investors. The funding has been structured with flexible repayment obligation linked to
monetization of the SPVs of SIPL within a tenure of 48 months to 63 months.
Further SIPL has sold 7.0% of units in IndInfravit Trust to CPP Investments for a total consideration of Rs 441 crore. SIPL continues to hold 3.0% of units in IndInfravit Trust and will continue as one of the Project Managers for IndInfravit Trust.
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