A $110 million investment by Apis Partners in L&T Infra Debt Fund (L&T IDF), an infrastructure debt fund run by L&T Finance Holdings, has been called off.
The deal was announced in April 2019 and involved Apis Partners’ acquisition of a 25.1 percent minority stake in L&T IDF, according to Mint.
On March 21, L&T told stock exchanges that the deal would not go through due to the expiry of the long stop date, the expiration date agreed by the parties for closing the deal.
Mint reported 70 percent of the investment was to be structured as growth capital, with the rest coming in the form of a share purchase from existing shareholders of L&T IDF.
L&T IDF provides long-term refinancing to private-sector and public-private partnership infrastructure projects across a variety of subsectors, including alternative energy projects and highways.
L&T IDF selects projects that have completed at least one year of
