Apis Partners’ deal to invest in L&T Infra Debt Fund falls through

PE firm Apis Partners LLP’s planned investment in L&T Infra Debt Fund (L&T IDF) has been called off. The transaction was terminated as it could not be completed within the deadline. L&T Finance, the financial services unit of L&T, did not specify any reason for the deal’s collapse. As part of the deal, which was announced in April 2019, the PE firm had proposed to pick up a stake of up to 25.1 per cent in L&T IDF for $110 million. As per the terms of the deal, 70 per cent of the total investment amount was to be in the form of growth capital for L&T IDF and 30 per cent was to be used to buy shares from existing shareholders. Apis Partners’ investment was to be used to refinance operational infrastructure projects in India and help L&T IDF access low-cost foreign funding.