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RBI Gives Nod For Merger Of L&T Finance With Subsidiaries
The company in an exchange filing stated, "the Reserve Bank of India has accorded its 'no objection' for the scheme
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Multinational company L&T Finance Holdings has announced the amalgamation of L&T Finance (LTF), L&T Infra Credit (LTICL) and L&T Mutual Fund Trustee (LTMFTL), its wholly owned subsidiaries, way of merger by absorption under a scheme of arrangement.
The company stated in an exchange filing, "the Reserve Bank of India has accorded its 'no objection' for the scheme." It further added that the scheme is subject to various other statutory and regulatory approvals including from the National Company Law Tribunal (NCLT).
The respective shareholders and creditors of the companies involved in the scheme have been included under the scheme as per requirement.
As a non-banking financial company (NBFC), L&T Finance Holdings offers a range of financial products and services through its wholly-owned subsidiaries.
The company's consolidated net profit in Q3 financial year 2023 is 39.2 per cent at Rs 453.64 crore against Rs 325.99 crore Q3 last year. While its scrip fell by 0.71 per cent to Rs 81.50 on the BSE.