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Motilal Oswal Report
L&T Finance Holdings Ltd. has entered into a definitive agreement with HSBC Asset Management India Pvt Ltd., in which the latter will acquire 100% stake in L&T Investment Management Ltd., the investment manager of L&T Mutual Fund, for $425 million.
In addition, L&T Finance will also be entitled to excess cash (Rs 5- 7 billion) in L&T Investment Management’s books until the completion of this divestment/acquisition.
Including the excess cash (except the minimum cash requirement of Rs 0.5-1 billion) that L&T Finance is entitled to, the total sale consideration would be Rs 37-39 billion (4.6-4.8% of current assets under management).
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