L&T Finance subsidiary LTIDF gets converted into NBFC-ICC after merger; Stock climbs ~2%

The company has earlier said that one of the subsidiaries of the company, may be required to undergo changes in the general character or nature of business.

Jun 10, 2021 12:06 IST India Infoline News Service

L&T Finance Holdings Limited updated the exchanges the merger of L&T Infrastructure Finance Company Limited (LTIFC) and L&T Housing Finance Limited with L&T Finance Limited, all wholly-owned subsidiaries of the Company and the consequent impact on L&T Infra Debt Fund Limited (LTIDF).

The company has earlier said that one of the subsidiaries of the company, may be required to undergo changes in the general character or nature of business / activities / shareholding structure which may include requirement of obtaining various approvals and making appropriate applications to the regulator, in this regard.

Further to the advice from RBI, the Board of Directors of LTIDF, on June 9, 2021 have approved the application to RBI for converting LTIDF into a Non-Banking Financial Company — Investment and Credit Company (NBFC-ICC) and making necessary incidental changes thereof, company said.

At around 12.50 pm, L&T Finance Holdings Ltd was trading at Rs96.80 per piece up by Rs1.8 or 1.89% from its previous closing of Rs95 per piece on the BSE.

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