Apis Partners to invest $110 million in L&T IDF

PE firm Apis Partners LLP has agreed to invest up to $110 million (about Rs 7.7 billion) in L&T Infra Debt Fund Limited (L&T IDF), a non-banking financing unit of Larsen & Toubro Limited. The PE firm, through its Apis Growth Fund II, will pick up a stake of up to 25.1 per cent in L&T IDF. Around 70 per cent of the total investment amount will be in the form of growth capital for L&T IDF and the remaining 30 per cent will be used to buy shares from existing shareholders. Apis Partners’ investment will effectively be used to refinance operational infrastructure projects in India as it will help L&T IDF access low-cost foreign funding.