L&T Finance Holdings surges on completing sale of mutual fund business to HSBC Asset Management

L&T Finance Holdings is currently trading at Rs. 89.00, up by 2.10 points or 2.42% from its previous closing of Rs. 86.90 on the BSE.

LT Finance Holdings
LT Finance Holdings

The scrip opened at Rs. 87.75 and has touched a high and low of Rs. 90.30 and Rs. 87.15 respectively. So far 1984775 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 92.20 on 22-Apr-2022 and a 52 week low of Rs. 58.50 on 07-Mar-2022.

Last one week high and low of the scrip stood at Rs. 90.30 and Rs. 80.00 respectively. The current market cap of the company is Rs. 22067.09 crore.

The promoters holding in the company stood at 66.20%, while Institutions and Non-Institutions held 12.10% and 21.69% respectively.

L&T Finance Holdings has completed the sale of L&T Investment Management (LTIML), asset manager of L&T Mutual Fund, to HSBC Asset Management (India), asset manager of HSBC Mutual Fund. The said sale transaction has been completed on November 25, 2022. L&T Investment Management is a wholly-owned subsidiary of L&T Finance Holdings. The company has received Rs 3,484 crore (equivalent of $425 million) as consideration for the sale of LTIML from the purchaser; and also realized surplus cash balance of Rs 764 crore in LTIML.

L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.

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