Mumbai-based non-banking finance company L&T Finance Holdings (LTFH) announced the successful merger with its subsidiaries, L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee.
The boards of the merged companies had approved the proposed merger in January 2023 and the process was completed post requisite approvals from shareholders, creditors, and regulatory, and statutory authorities - Reserve Bank of India (RBI), National Company Law Tribunal (NCLT), Securities and Exchange Board of India (SEBI), and Stock Exchanges.
"The decision to merge two lending entities with the same NBFC – Investment & Credit Company registrations and one non-operating entity with LTFH was taken after carefully considering market dynamics, internal synergies, and a vision for sustained growth, "said Dinanath Dubhashi, Managing Director & CEO, LTFH.
Dubhashi further added that with the merger, they believe that they will be able to unlock newer avenues for growth, innovation, and long-term success.
The company, in its statement, further added that with this merger, all the lending businesses will be housed under one single entity that is in LTFH, with it becoming the equity-listed operating lending entity.
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