L&T Finance Holdings' shares jumped over 5%, touching the monthly high of Rs52.50, after the company said its unit L&T Finance has executed definitive agreements to acquire the mutual fund business of Fidelity in India for an undisclosed amount.
“L&T Finance will buy FIL Fund Management and FIL Trustee Company, which carry Fidelity’s mutual fund business in India. The agreement signed is subject to regulatory approvals,' the company said.
With this, L&T Finance has become the 13th largest fund house in the country's highly-competitive asset management business with combined assets of Rs13,497 crore, the report suggests.
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“L&T Finance will buy FIL Fund Management and FIL Trustee Company, which carry Fidelity’s mutual fund business in India. The agreement signed is subject to regulatory approvals,' the company said.
With this, L&T Finance has become the 13th largest fund house in the country's highly-competitive asset management business with combined assets of Rs13,497 crore, the report suggests.
....more info