L&T Finance Holdings Ltd. (LTFH) the equity listed holding company, today announced the successful completion of the merger of its subsidiaries, L&T Finance Limited (LTF), L&T Infra Credit Limited (LTICL) and L&T Mutual Fund Trustee Limited with itself, the company announced through an exchange filing.
The merger comes into effect on December 4, 2023 and the process was completed post requisite shareholders’, creditors’ and regulatory/statutory approvals.
The merger will lead to creation of a simplified ‘Single Lending Entity’; thus, housing all lending businesses under one operating Non-Banking Financial Company (NBFC).
LTFH is a leading NBFC and offers a range of financial products and services under the L&T Finance brand. LTFH was the holding company while LTF and LTICL were high value debt listed entities and the operating entities. With this merger, all the lending businesses will be housed under one single entity i.e., LTFH, with it becoming the equity listed operating lending entity.
The respective Boards of the said companies had approved the proposed merger in January 2023 and the process was completed post requisite approvals from shareholders, creditors, and regulatory/ statutory authorities - Reserve Bank of India (RBI), National Company Law Tribunal (NCLT), Securities and Exchange Board of India (SEBI), and Stock Exchanges.
Dinanath Dubhashi, Managing Director & CEO, LTFH said “It gives me immense pleasure to announce that the merger has been completed before the envisaged time with all the necessary approvals in place. This merger is amongst the key strategic initiatives undertaken by us in line with the ‘Right Structure’ strategy that our Company has been implementing over the last seven years; with the number of NBFCs reducing from 8 to 1. The decision to merge two lending entities with the same NBFC – Investment & Credit Company registrations and one non-operating entity with LTFH was taken after carefully considering market dynamics, internal synergies, and a vision for sustained growth."
L&T Finance Holdings Ltd. shares
The shares of L&T Finance Holdings Ltd. on Monday at 11:24 am IST were trading at Rs 154.65, up by 2.42 percent.
