L&T and Affiliates Acquire 8.03% Stake in Cube Highways Trust for Rs 1,243 Crore

Larsen & Toubro (L&T), along with its affiliates and three other entities, purchased an 8.03% stake in Cube Highways Trust for Rs 1,243 crore through open market transactions. This acquisition increases L&T's holding in the Trust to 9.24%. The units were bought at an average price of Rs 120 each.

Larsen & Toubro (L&T), along with three of its affiliates and three other entities, acquired an 8.03% stake in Cube Highways Trust for Rs 1,243 crore in open market transactions on Thursday.

The transaction saw Cube Highways and Infrastructure I-D Pte, Cube Highways and Infrastructure Pte, and Cube Mobility Investments selling their stakes through separate bulk deals on the BSE. L&T, along with L&T Welfare Company, L&T Employees Welfare Foundation, and L&T Officers and Supervisory Staff Provident Fund, joined SBI Mutual Fund, Kotak Mahindra Life Insurance, and ASK Financial Holdings in purchasing 10.36 crore units at an average price of Rs 120 apiece.

Following the acquisition, L&T's stake in Cube Highways Trust increased from 3.75% to 9.24%. The Cube Highways Trust units surged by 20%, closing at Rs 120 each on the BSE. Cube Highways Trust reported a profit of Rs 3.8 crore in the June quarter, with total income rising to Rs 830.9 crore.

(With inputs from agencies.)