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Earlier, on 13 January, the L&T Finance Holdings' board approved the amalgamation of its wholly owned subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with itself by way of merger by absorption pursuant to a scheme of arrangement.
In an exchange filing, the company stated, “the Reserve Bank of India vide its letter dated March 24, 2023 has accorded its ‘no objection' for the scheme.”
The company said that the scheme remains subject to various other statutory and regulatory approvals including approvals from the National Company Law Tribunal (NCLT), other applicable authorities and the respective shareholders and creditors of the companies involved in the scheme, as may be required.
L&T Finance Holdings is a non-banking financial company (NBFC) that offers a range of financial products and services through its wholly owned subsidiaries.
The company's consolidated net profit jumped 39.2% to Rs 453.64 crore in in Q3 FY23 as against Rs 325.99 crore posted in Q3 FY22.
The scrip fell 0.71% to Rs 81.50 on the BSE.
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