L&T Finance Holdings completes sale of L&T AMC for Rs 3,484 crore

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 Finance Holdings will receive an aggregate purchase consideration of Indian currency equivalent of $425 million, subject to adjustments as set out in the definitive documents as consideration for the transaction.

L&T Finance Holdings has received Rs 3,484 crore (equivalent of $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.