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Apis invests $110 million in L&T IDF

COIMBATORE: L&T IDF (Infra Debt Fund), a subsidiary of L&T Finance Holdings (LTFH), has entered into an agreement whereby Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, would pick up to 25.1% minority equity investment for $110 million in the company.

Out of the total investment amount, 70% is in the form of growth capital for L&T IDF, a leading infrastructure refinancing firm, and 30% is for purchase of shares from existing shareholders (subsidiaries of LTFH).

“The fund’s investments into L&T IDF will support the growth of its loan book focused on infrastructure projects in India, strengthen its capital structure, and further its technology and digitisation strategy,” Apis said.

“This long-term partnership will support the company in accessing low cost international sources of funds which will be utilised to refinance operational infrastructure projects in India,” it said. L&T IDF has a loan book of about Rs 8000 crore across 94 projects.

“This partnership with Apis is a reflection of the value creation that the Indian infrastructure financing space offers to investors looking for sustainable returns in the long-term,” said Dinanath Dubhashi, managing director & chief executive officer, LTFH.

“Apis’ extensive experience in financial services will further strengthen our integration with global financial markets, as we continue on the path of robust growth,” he said.

News credit : Indiatimes