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Singapore-based Cube Mobility Investments sold a 3.62% stake in Cube Highways Trust this week, offloading over 4.82 crore units worth INR 615.50 crore. Major buyers included Kotak Mahindra Bank, LTI Mindtree, and Larsen & Toubro. Cube Highways units rose over 6% following the sale, reflecting strong investor demand. Earlier, IFC invested INR 860 crore in the trust's sustainability-linked bond, and L&T had acquired an 8.03% stake in 2023. In a separate NSE deal, South Africa's Lesaka Technologies exited its 8% stake in Mobikwik for INR 143 crore. Citigroup, HDFC Mutual Fund, and Societe Generale picked up significant shares, highlighting growing institutional interest.
Cube Mobility Investments, based in Singapore, divested a 3.62% stake in Cube Highways Trust through open market transactions on Indian bourses earlier this week. This sale amounted to over 4.82 crore units-2.81 crore on the BSE and 2.01 crore on the NSE-at an average unit price of INR 127.50, taking the total transaction value to INR 615.50 crore. Advertisement
As per exchange data, Kotak Mahindra Bank and LTI Mindtree jointly acquired more than 1.56 crore units of Cube InvIT, accounting for a 1.17% stake, at prices ranging between INR 127.49 and INR 127.50 per unit. Their combined transaction stood at INR 199.52 crore. Additionally, infrastructure heavyweight Larsen & Toubro picked up 1.02 crore units, equating to a 0.76% stake, for INR 130.05 crore.
Other buyers in this bulk transaction could not be determined from the data disclosed by the BSE and NSE.
The value of Cube Highways Trust units reflected the investor interest, rising 6.25% on the BSE and 6.09% on the NSE to close at INR 127.50.
Cube Highways Trust has been actively raising funds in recent months. Earlier this year, World Bank Group's International Finance Corporation (IFC) had invested INR 860 crore in India's first sustainability-linked bond issued by Cube InvIT in the road sector. Moreover, in a strategic investment during the second half of last year, Larsen & Toubro along with three of its affiliates and other entities had together acquired an 8.03% stake in the trust for INR 1,243 crore. That transaction involved units sold by Cube Highways and Infrastructure I-D Pte, Cube Highways and Infrastructure Pte, and Cube Mobility Investments.
Cube InvIT counts among its backers several heavyweight global institutions, including the Abu Dhabi Investment Authority, British Columbia Investment Management Corporation, and Mubadala Investment Company.
In a separate transaction executed on the NSE, South Africa-headquartered Lesaka Technologies, formerly known as Net 1 UEPS Technologies, exited its entire 8% holding in One Mobikwik Systems. The stake, comprising 62.15 lakh shares, was sold at an average price of INR 230.16 per share, totalling INR 143.06 crore.
Institutional interest was strong here as well, with Citigroup Global Markets Mauritius, HDFC Mutual Fund, and Societe Generale together picking up 27.82 lakh shares, representing a 3.6% stake, for about INR 64 crore at an average rate of INR 230 per share.
While Cube Mobility's exit was met with enthusiasm by Indian corporates and mutual funds, Lesaka's full exit from Mobikwik made space for key financial players to deepen their positions. These shifts indicate increasing liquidity, robust institutional appetite, and the maturity of Indian infrastructure and fintech platforms as investment avenues.
Source - PTI
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