Infrastructure company Feedback Infra has raised ₹6.8 billion (US$105 million) from private equity company ADV Partners.
The investment was made by way of a primary component of equity and debt, and secondary acquisition of securities from existing shareholders of Feedback Infra.
The investment sees Larsen & Toubro transfer its entire stake to ADV Partners and IDFC reduce its stake to comply with banking regulatory norms. The primary objective of the financial transaction is to reduce debt and provide capital for the next phase of growth.
“Our capital structure has improved after this transaction and positions us well for future growth,” said RS Ramasubramaniam, the co-founder of Feedback Infra.
Khaitan & Co served as legal advisers to Feedback Infra and its promoters in connection with the transaction. Its team included partners Kartick Maheshwari and Manisha Shroff, principal associate Madhuparna Dasgupta and senior associates Shantanu Gupta, Kapish Mandhyan and Rolwine Alva.
Feedback Infra provides advisory, engineering and construction management services.