LTFH completes merger of its subsidiaries
Merger has been completed before the envisaged time with all the necessary approvals in place, says Dinanath Dubhashi, MD&CEO
New Delhi: L&T Finance Holdings (LTFH) on Monday announced the completion of merger of subsidiaries, L&T Finance (LTF), L&T Infra Credit (LTICL), and L&T Mutual Fund Trustee, with itself.
With this merger, all the lending businesses will be housed under one entity i.e., LTFH, with it becoming the equity listed operating lending entity, the non-banking finance company, which offers a range of products and services under the L&T Finance brand, said in a release.
The respective boards of the said companies had approved the merger proposal in January 2023 and the process was completed post requisite approvals from shareholders, creditors, and regulatory/ statutory authorities - Reserve Bank of India (RBI), National Company Law Tribunal (NCLT), Securities and Exchange Board of India (SEBI), and stock exchanges. Dinanath Dubhashi, Managing Director & CEO, LTFH, said the merger has been completed before the envisaged time with all the necessary approvals in place.
“This merger is amongst the key strategic initiatives undertaken by us in line with the ‘Right Structure’ strategy that our Company has been implementing over the last seven years; with the number of NBFCs reducing from 8 to 1,” he said. He further said 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.
