L&T and partners buy 8.03% stake in Cube Highways for Rs 12.43 billion
ROADS & HIGHWAYS

L&T and partners buy 8.03% stake in Cube Highways for Rs 12.43 billion

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)

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)

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?