New Delhi, Nov 25 (PTI) L&T Finance Holdings on Friday completed the sale of L&T AMC to HSBC Asset Management, according to a regulatory filing.

"...With respect to the proposed sale of 100 per cent of the paid-up share capital of L&T Investment Management Ltd, asset manager of L&T Mutual Fund, to HSBC Asset Management (India) Pvt Ltd, asset manager of HSBC Mutual Fund, ...the said sale transaction has been completed on November 25, 2022," the company said.

Also Read | Centre Releases Rs 17,000 Crore GST Compensation to States; Total Rs 1.15 Lakh Crore Released This Fiscal: Finance Ministry.

L&T Investment Management Ltd (LTIML) is a wholly-owned subsidiary of L&T Finance Holdings.

Also Read | Kotak Mutual Fund Cautions Investors From Fake Social Media Groups Promising Huge Returns.

L&T Investment Management Ltd will receive an aggregate purchase consideration of INR (Indian currency) equivalent of USD 425 million, subject to adjustments as set out in the definitive documents as consideration for the transaction. The company has received Rs 3,484 crore (equivalent of USD 425 million) as consideration for the sale of LTIML from the purchaser; and also realised surplus cash balance of Rs 764 crore in LTIML, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)