L&T Financial Holdings shares rose on Wednesday after capital market regulator SEBI cleared a proposed sale of the company's subsidiary, L&T Investment Management, to HSBC Asset Management (India). The L&T Financial stock gained by as much as Rs 2.4 or 3.1 percent to Rs 77.4 apiece on BSE.
L&T Financial Holdings — a diversified non-banking financial company — aims to exit its wholly-owned subsidiary L&T Investment Management, which is the asset manager of L&T Mutual Fund.
Under the deal, the schemes managed by L&T Investment Management will be managed by HSBC AMC. The board of trustees of HSBC MF will be appointed as the trustee of the schemes of L&T MF.
Pursuant to the sale, certain schemes of L&T Mutual Fund will also be merged with HSBC schemes in accordance with the regulatory laws.
L&T Financial Holdings shares have lost four percent of their value in the past one 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 Published: Oct 12, 2022 1:10 PM IST
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