Larsen & Toubro (L&T), along with its affiliates and three other entities, acquired an 8.03% stake in Cube Highways Trust for Rs 12.43 billion via open market transactions. The sellers in this deal included Cube Highways and Infrastructure I-D Pte, Cube Highways and Infrastructure Pte, and Cube Mobility Investments, all of whom offloaded shares through bulk deals on the BSE.

L&T, along with L&T Welfare Company, L&T Employees Welfare Foundation, L&T Officers and Supervisory Staff Provident Fund, SBI Mutual Fund, Kotak Mahindra Life Insurance, and ASK Financial Holdings, collectively purchased 10.36 crore units of Cube InvIT at an average price of Rs 120 per unit, bringing the total deal value to Rs 12.43 billion. This acquisition raised L&T's stake in Cube Highways Trust to 9.24%, up from 3.75%.

Cube Highways and its associated entities sold a total of 156 million units, representing 12.09% of Cube Highways Trust, at the same average price of Rs 120 per unit, generating a transaction value of Rs 18.72 billion.

Cube Highways Trust units surged by 20% on the BSE, closing at Rs 120 per unit. In the June quarter, Cube Highways Trust posted a profit of Rs 38 million, a significant recovery from the Rs 200 million loss in the same period last year, with total income rising to Rs 8.30 billion.

Cube Highways invests in road and highway projects under the public-private partnership (PPP) model and is supported by investors like Abu Dhabi Investment Authority, British Columbia Investment Management Corporation, and Mubadala Investment Company. (ET)