New Delhi, Sep 29: Mubadala Investment Company has divested a 3.35 per cent unitholding in Cube Highways Trust for more than Rs. 6.89 bn through separate block deals on Tuesday. The transaction involved the sale of units by an affiliate of the Abu Dhabi government-owned global investment firm.

Seventy Second Investment Company LLC, an affiliate of Mubadala, sold more than 44.9 mn units in nine tranches, representing the 3.35 per cent holding in the Noida-based trust, according to exchange data. The units were sold at an average price of Rs. 153.30 each, taking the combined value of the transactions to Rs. 6.89 bn.

Cube Highways Trust is a SEBI-registered infrastructure investment trust, or InvIT. A group of domestic institutional investors bought an equal number of units at the same price, with Larsen & Toubro emerging as the largest buyer in the transaction.

Larsen & Toubro acquired 9,784,000 units, equivalent to nearly a 1 per cent unitholding in Cube Highways Trust, for Rs. 1.5 bn. Mutual funds managed by HSBC, Birla, Kotak Mahindra and WhiteOak Capital also participated, along with HDFC Life Insurance, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance and Axis Max Life. Units of Cube Highways Trust rose 0.51 per cent to close at Rs. 154.74 each on the BSE.