L&T Finance junks stake-sale plan for mutual fund arm, eyes IPO

The groundwork for the IPO has begun and the company is in the preliminary price-discovery mode

Ashley Coutinho  |  Mumbai 

L&T Finance Holdings, the non-banking financial company of engineering and construction major Larsen & Toubro (L&T), has shelved its plan to sell a stake in L&T Mutual Fund, and is now looking to list it instead.  The initial public offering (IPO) is likely to be an offer for sale and will give an opportunity to L&T Finance to monetise its investment, according to two persons familiar with the matter.  L&T had shelled out about Rs 550 crore in 2012 to buy out Fidelity MF, nearly twice its asset size, valuing the latter at over 6 per cent of its assets of Rs 8,881 ...

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