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L&T Finance Holdings share price rises on MF arm stake sale buzz

The sale of L&T Mutual Fund has been in the works for a while, people with direct knowledge of the development told Moneycontrol.

August 30, 2021 / 01:00 PM IST
 
 
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L&T Finance Holdings share price gained over 2 percent intraday on August 30 on news report that the company is in advanced talks with HSBC to sell its MF arm.

HSBC is in advanced and exclusive talks with L&T Finance Holdings to buy its mutual fund arm.

The sale of L&T Mutual Fund has been in the works for a while, people with direct knowledge of the development told Moneycontrol.

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Earlier, private equity firm Blackstone was looking at finalising a deal to acquire L&T Mutual Fund, Moneycontrol reported. Blackstone proposed a deal at Rs 3,200 crore against the Rs 4,000 crore expected by the seller, but required the regulator’s approval.

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The stock was trading at Rs 83.75, up Rs 2.35, or 2.89 percent at 12:01 hours. It has touched an intraday high of Rs 83.80 and an intraday low of Rs 81.30.

SEBI is preparing to roll out a discussion paper on the ‘Framework for PE firms to invest in Indian MFs,’ according to people aware of the matter.

Given the delay and the additional approvals required, L&T Finance Holdings has been engaged with HSBC about a possible sale of its mutual fund arm.
Moneycontrol News
first published: Aug 30, 2021 01:00 pm
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