L&T Finance Holdings gets RBI approval for merger of its subsidiaries with itself

27 Mar 2023 , 12:59 PM

L&T Finance Holdings Limited (LTFHL) has announced that the Reserve Bank of India has given the green signal for the merger of three of its subsidiary lending entities – L&T Finance Limited, L&T Infra Credit Limited, and L&T Mutual Fund Trustee Limited – into the company itself.

According to a regulatory filing by the firm, the central bank granted approval for the scheme through a letter in which they expressed no objections.

However, the merger is still subject to various other statutory and regulatory approvals.

The company stated that the implementation of the Scheme is still contingent on obtaining several other legal and regulatory approvals, including but not limited to the nod from the National Company Law Tribunal, relevant authorities, and the consent of shareholders and creditors of all the companies involved in the amalgamation, as may be deemed necessary.

In January of this year, the Board of Directors of L&T Finance Holdings Limited had given their consent to the amalgamation of their subsidiaries through a merger by absorption. 

LTFHL acts as the parent company for the financial services operations of the L&T group, with complete ownership of all its lending subsidiaries.

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