L&T Finance Holdings receives SEBI approval for sale of L&T AMC to HSBC Asset Management

L&T Finance Holdings announced that with respect to the proposed sale of 100% of the paid-up share capital of L&T Investment Management (L&T AMC), a wholly owned subsidiary of the Company and the asset manager of L&T Mutual Fund (LTMF) to HSBC Asset Management (India) (Proposed Transaction), the necessary approval has been received from the Securities and Exchange Board of India (SEBI) vide letter dated 14 October 2022 for the (a) merger of the certain identified schemes of LTMF with identified schemes of HSBC Mutual Fund (HSBCMF); (b) carrying over of certain identified schemes of LTMF to HSBCMF with no change in character or features except the name; and (c) changes to fundamental attributes of certain identified schemes of LTMF, subject to compliance with certain conditions prescribed thereunder.

All necessary approvals to consummate the Proposed Transaction have been received and all necessary actions are being taken to ensure completion of the Proposed Transaction in light of the approvals received from SEBI vide letters dated 11 October 2022 and 14 October 2022.

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