British private equity fund Apis Partners on April 25 said it is picking up a 25.1 percent stake for $110 million in L&T Infra Debt Fund (IDF), the infra refinancing arm of EPC major.
New Delhi:
The investment will support growth of L&T IDFs loan book across sectors such as renewable energy, roads, power transmission, airports and ports, it said. The funding will also strengthen the IDF’s capital structure, technology and digitisation strategy, it added.
Partnering with Apis will support the IDF in accessing low cost international sources of funds which will be utilised to refinance operational infrastructure projects in India, the statement said.
As of December it had a loan book of Rs 8,000 crore spread across 94 projects with half of the portfolio being guaranteed by a government authority, it said, adding there is no asset quality stress.
L&T IDF has a loan book of Rs 8,000 crore and the investment will help grow the book, an official statement said. Apis Growth Fund II has entered into a binding agreement to acquire the stake in L&T IDF, it said, adding 70 per cent of the investment will come as growth capital while 30 percent is a secondary transaction where existing shareholders are exiting their holdings, it said.
The investment will support growth of L&T IDFs loan book across sectors such as renewable energy, roads, power transmission, airports and ports, it said. The funding will also strengthen the IDF’s capital structure, technology and digitisation strategy, it added.
Partnering with Apis will support the IDF in accessing low cost international sources of funds which will be utilised to refinance operational infrastructure projects in India, the statement said.
As of December it had a loan book of Rs 8,000 crore spread across 94 projects with half of the portfolio being guaranteed by a government authority, it said, adding there is no asset quality stress.