homefinance News

L&T Finance Holdings dissolves Middle East subsidiary

L&T Finance Holdings dissolves Middle East subsidiary

L&T Finance Holdings dissolves Middle East subsidiary
Profile image

By PTI Dec 21, 2020 3:29:56 PM IST (Published)

Its net worth stood at Rs 10.46 crore, contributing 0.07 percent of consolidated net worth to the parent company.

L&T Finance Holdings on Monday said its subsidiary L&T Capital Markets (Middle East) Ltd or LTCM has been dissolved and ceased to exist. July 17, LTFH had informed about the voluntary winding-up of one of its wholly-owned subsidiary incorporated in Dubai to carry on the off-shore wealth management business, subject to applicable laws of United Arab Emirates.

Recommended Articles

View All

”Further to the communication received from the official liquidator in Dubai on December 20, 2020, please note that pursuant to letter from Dubai International Financial Centre, the Dubai regulator, effective December 17, 2020, LTCM (ME) has been dissolved and ceased to exist,” LTFH said in a regulatory filing. It said the arm was not a material subsidiary of the company.
As of March 31, 2020, LTCM (ME) had a total income of Rs 20.99 crore equivalent to 0.14 percent of consolidated income of L&TFH. Its net worth stood at Rs 10.46 crore, contributing 0.07 percent of consolidated net worth to the parent company.
L&TFH shares were trading at Rs90.90apiece on BSE, down 0.44 percent from its previous close.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng