Larsen & Toubro Ltd., SBI Mutual Fund and Kotak Mahindra Life Insurance Co. were among the buyers of Cube Highways Trust units through open market transactions valued at Rs 1,243 crore.
The sellers include Cube Highways and Infrastructure I-D Pte, Cube Highways and Infrastructure Pte and Cube Mobility Investments through separate bulk deals on the BSE.
L&T and affiliates L&T Welfare Co., L&T Employees Welfare Foundation, L&T Officers and Supervisory Staff Provident Fund, SBI Mutual Fund, Kotak Mahindra Life Insurance and ASK Financial Holdings purchased 10.36 crore units or 8.03% unitholding, in Cube InvIT, as per the data.
The units were bought at an average price of Rs 120 apiece, taking the combined deal value to Rs 1,243.2 crore.
After the stake buy, Larsen & Toubro's holding in Cube Highways Trust (Cube InvIT) has increased to 9.24% from 3.75%.
Details of the other buyers of Cube Highways Trust's units could not be ascertained on the exchange.
Meanwhile, Cube Highways and Infrastructure I-D, Cube Highways and Infrastructure and Cube Mobility Investments disposed of 15.60 crore units or a 12.09% unitholding in Cube Highways Trust. The units were offloaded at an average price of Rs 120 apiece, taking the transaction value to Rs 1,872 crore.
In April, Cube Highways Trust, managed by Cube Highways Fund Advisors Pvt Ltd, said it will acquire seven highway assets from Singapore-based Cube Highways and Infrastructure III Pte Ltd and Cube Highways Infrastructure Pte Ltd at an enterprise value of Rs 5,172 crore.
Cube Highways invests in road and highway projects along with other select infrastructure sectors in India. It is engaged in implementing the public-private partnership (PPP) model in the country's highways sector to operate and manage highway projects in association with the central and state governments.
The Singapore-based Cube Highways is backed by a diversified investor base, including an arm of the Abu Dhabi Investment Authority, British Columbia Investment Management Corporation and Abu Dhabi's sovereign investor, Mubadala Investment Company, among others.
(With inputs from PTI)
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