L&T Finance slips as IIFL Wealth Group to buy L&T Cap Markets

L&T Finance Holdings fell 1.74% to Rs 93.05 after IIFL Wealth Group said that it will acquire L&T Finance Holdings' wealth management business.

IIFL Wealth Group (IIFLWealth) has said that it has entered into a definitive agreement to acquire 100% equity shares of L&T Capital Markets (LTCM), a wholly owned subsidiary of L&T Finance Holdings (LTFH), which provides wealth management services for individual and institutional clients. The transaction is subject to regulatory approvals. The announcement was made after trading hours yesterday, 28 August 2019.

LTCM offers a portfolio of comprehensive products and services across asset classes, together with a dedicated set of research professionals and senior private bankers. The move is expected to further strengthen IIFL Wealth's platform for serving high net-worth and ultra-high-worth families.

"L&T Financial Services will continue to focus on its strategy centered around stable and sustainable growth in businesses where we believe we have clear 'Right to Win' and can create value for all stakeholders, said Dinanath Dubhashi, managing director & CEO, L&T Finance Holdings.

Shares of L&T Finance Holdings fell 5.24% in two trading sessions to its current market price of Rs 93.05, from a recent closing high of Rs 98.20 on 27 August 2019.

On BSE, 10.41 lakh shares were traded in L&T Finance Holdings counter, compared to a 2-week average of 10.40 lakh shares. The stock hit an intraday high of Rs 95.90 and an intraday low of Rs 91.90.

It hit a 52-week high of Rs 189.20 on 29 August 2018 and a 52-week low of Rs 88.60 on 23 August 2019.

L&T Finance Holdings (LTFH) is a financial holding company offering a focused range of financial products and services across rural, housing and wholesale finance sectors, as well as mutual fund products and wealth management services, through its wholly-owned subsidiaries, viz., L&T Finance, L&T Housing Finance, L&T Infrastructure Finance Company, L&T Infra Debt Fund, L&T Investment Management and L&T Capital Markets.

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