Corporate News 18-May-21
L&T Finance Holdings update on merger of its subsidiaries
L&T Finance Holdings announced with reference to the merger of L&T Infrastructure Finance Company (LTIFC) and L&T Housing Finance with L&T Finance, all wholly owned subsidiaries of the Company and consequent impact on L&T Infra Debt Fund (LTIDF), one of the subsidiaries of the Company, highlighting that LTIDF might be required to undergo, consequent to the merger of its sponsor i.e. LTIFC, change in the general character or nature of business / activities / shareholding structure which may include requirement of obtaining various approvals and making appropriate applications to the regulator, the RBI vide its letter dated 17 May 2021, has advised LTIDF to take steps to convert LTIDF into an NBFC – Investment and Credit Company (NBFC – ICC) from an IDF-NBFC. that the Reserve Bank of India vide its letter dated 17 May 2021, has advised L&T Infra Debt Fund
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