RBI approves merger of three L&T Finance Holdings units

L&T Finance Holdings Limited (LTFHL) on Friday said that the Reserve Bank of India has approved merger of its three subsidiary lending entities - L&T Finance Limited, L&T Infra Credit Limited and L&T Mutual Fund Trustee Limited- with itself.

The ‘no objection’ for the scheme was accorded by the central bank vide a letter, the firm said in a regulatory filing.

The merger, however, remains subject to your various other statutory and regulatory approvals.

"The Scheme remains subject to various other statutory and regulatory approvals including inter alia approvals from the National Company Law Tribunal, other applicable authorities and the respective shareholders and creditors of the companies involved in the Scheme, as may be required," it said.

The Board of Directors of L&T Finance Holdings Limited had approved amalgamation of its subsidiaries by way of merger by absorption pursuant to a scheme of arrangement under the provisions of Sections 230 - 232 read with Section 52 of the Companies Act, 2013 in January this year.

LTFHL, is the holding company for the financial services business of the L&T group, which owns 100% in all of its lending subsidiaries.