L&T Finance Holdings completes sale of L&T AMC

L&T Finance Holdings on Friday completed the sale of L&T AMC to HSBC Asset Management, according to a regulatory filing. "...With respect to the proposed sale of 100 per cent of the paid-up share capital of L&T Investment Management Ltd, asset manager of L&T Mutual Fund, to HSBC Asset Management (India) Pvt Ltd, asset manager of HSBC Mutual Fund, ...the said sale transaction has been completed on November 25, 2022," the company said.

L&T Investment Management Ltd (LTIML) is a wholly-owned subsidiary of L&T Finance Holdings.

L&T Investment Management Ltd will receive an aggregate purchase consideration of INR (Indian currency) equivalent of USD 425 million, subject to adjustments as set out in the definitive documents as consideration for the transaction.

The company has received Rs 3,484 crore (equivalent of USD 425 million) as consideration for the sale of LTIML from the purchaser; and also realised surplus cash balance of Rs 764 crore in LTIML, it said.