L&T Finance Holdings has received approval to wind up its Dubai-based subsidiary L&T Capital Markets (Middle East), after the proposed sale plan didn't materialise. In early July, company’s share purchase agreement (SPA) with Proud Securities and Credits (an NBFC firm forming a part of InCred group) to sell 100 per cent of its shareholding in L&T Capital Markets (Middle East) was mutually terminated.
L&T Capital Markets (Middle East) is not a material subsidiary of the company and only represents nearly about 0.1 per cent of the consolidated income and consolidated net worth of the company. After this, the buyer and seller were exploring various options to decide a way forward for consummation of the transaction in accordance with the terms of the SPA.
L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.
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