Feb 08
Pact for Proliferation
Pact for Proliferation
A financing pact with ADB and the mergers of subsidiaries put L&T Finance on the fast-track
 
L&T Finance has signed a financing pact with the Asian Development Bank (ADB) for USD 125 million. The pact, inked in November 2023, is to support financing in rural and peri-urban areas in India,  particularly for women borrowers.
 
The funding comprises a loan of up to USD 125 million from ADB, and an agreement to syndicate additional USD 125 million co- financing from other development partners. At least 40% of the proceeds is meant for women borrowers, while the rest will support farmers, micro, small, and medium-sized enterprises (MSMEs), as well as loans to purchase new two-wheeled vehicles.
 
This long-term loan forms a part of L&T Finance’s continuous strategy to diversify its funding sources. The collaboration with ADB alignswith its core values of social responsibility and will boost its efforts of bridging the financial gap and promoting inclusive economic growth across India. 
 
In another development, L&T Finance Holdings Ltd (LTFH), the equity listed holding company, has merged with itself the three subsidiaries – L&T Finance Ltd (LTFL), L&T Infra Credit Ltd (LTICL) and L&T Mutual Fund Trustee Ltd (LTMFTL). The mergers were completed in December 2023.
 
The respective Boards of these subsidiaries had in January 2023 approved the proposed merger, and the process was completed after requisite approvals from the shareholders, creditors, and regulatory / statutory authorities – the Reserve Bank of India (RBI), National Company Law Tribunal (NCLT), Securities and Exchange Board of India (SEBI), and Stock Exchanges.
 
LTFH is a leading NBFC, offering a range of financial products and services under the L&T Finance brand. LTFH was the holding company while LTFL and LTICL were high-value debt listed entities and the operating entities. With this merger, all the lending businesses will be housed under one single entity i.e., LTFH.  

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