Shares of L&T Financial Holdings were in high demand on Wednesday after the diversified non-bank financial company said SEBI had cleared a proposed sale of shares in L&T Financial Holdings rose on Wednesday after capital market regulator SEBI cleared a proposed sale of its subsidiary L&T Investment Management to HSBC Asset Management (India).
To buy to sell L&T finance to share
Shares of L&T Financial Holdings rose on Wednesday after financial markets regulator SEBI cleared a proposed sale of the company’s subsidiary, L&T Investment Management, to India’s HSBC Asset Management. L&T Financial shares gained up to Rs 2.4 or 3.1% to Rs 77.4 each on BSE.
L&T Financial Holdings – a diversified non-banking financial company – is aiming to exit its wholly-owned subsidiary L&T Investment Management, which is the asset manager of L&T Mutual Fund.
As part of the agreement, the plans managed by L&T Investment Management will be managed by HSBCAMC. The board of directors of HSBC MF will be appointed trustee of the plans of L&T MF.
Pursuant to the sale, certain L&T Mutual Fund plans will also be merged with HSBC plans in accordance with regulatory laws.
Shares of L&T Financial Holdings have lost 4% of their value in the past month, in line with the benchmark Nifty50 index.
L&T Financial had announced the proposed sale in December last year, subject to regulatory approvals.
First post: STI