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L&T Finance Holdings, the non-banking financial company of engineering and construction major Larsen & Toubro (L&T), has shelved its plan to sell a stake in L&T Mutual Fund, and is now looking to list it instead.
The initial public offering (IPO) is likely to be an offer for sale and will give an opportunity to L&T Finance to monetise its investment, according to two persons familiar with the matter.
L&T had shelled out about Rs 550 crore in 2012 to buy out Fidelity MF, nearly twice its asset size, valuing the latter at over 6 per cent of its assets
