L&T Finance Holdings on Friday said it has sold its wholly-owned subsidiaryL&T Capital Markets (LTCM) toIIFL Wealth Finance for Rs 230 crore.
The company had announced the deal in August 2019.
"On April 24, 2020, the company has completed the sale of its investment in LTCM to IIFL Wealth Finance , and accordingly, LTCM has ceased to be a subsidiary of the company,"L&T Finance Holdings said in a regulatory filing.
As at end-March 2019, LTCM had total income of Rs 124.81 crore while the net worth stood at Rs82.45 crore.
IIFL Wealth Finance caters to the financing needs of corporate andhigh net worth customers with product offerings including loans against securities, capital market and IPO financing, and loans against property.
It is a systemically important non-deposit accepting NBFC registered with the Reserve Bank.
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