Shares of Larsen and Toubro (L&T) were trading in the green and 1% higher on 12 April after the company announced that it had divested its entire stake in L&T Infrastructure Development Projects Limited.

In its regulatory filing, the company said that they have completed the sale of its stake in the Joint Venture with Canada Pension Plan Investment Board (CPP Investments), in which the company held a 51% stake and CPP Investment held 49% stake in the JV.

The entire stake of the company and CPP Investments was bought by Epic Concesiones Private Limited, which is an investee company of Edelweiss Infrastructure Yield Plus Strategy and is currently managed by Edelweiss Alternative Asset Advisors Limited.

The L&T Infrastructure Development Projects Limited’s portfolio includes eight roads and one 960-circuit kilometre power transmission asset.

The sale of its stake is a part of the company’s strategy to “exit non-core businesses for reducing exposure to the asset-heavy developmental projects portfolio, enhancing its return on equity (RoE)”.

At 2:33 pm, the shares of Larsen and Toubro shed all their early gains and were trading 1.57% lower at Rs 3,649.30 on NSE.