Shares of Larsen & Toubro (L&T) settled 4 per cent higher on Monday after the conglomerate’s group firm, L&T Finance Holdings, announced the completion of a merger involving its subsidiaries with itself.
The company’s stock rose 3.93 per cent to close at Rs 3,316.05 apiece, while shares of L&T Finance Holdings finished 1.99 per cent higher at Rs 154 per scrip on the NSE.
The BSE Sensex jumped 1,383.93 points, or 2.05 per cent, to close at a lifetime high of 68,865.12, while Nifty also climbed 418.90 points to hit its all-time closing high of 20,686.80.
L&T Finance Holdings (LTFH) on Monday announced the completion of a merger of subsidiaries, L&T Finance (LTF), L&T Infra Credit (LTICL), and L&T Mutual Fund Trustee, with itself.
With this merger, all the lending businesses will be housed under one entity i.e., LTFH, with it becoming the equity-listed operating lending entity, the non-banking finance company, which offers a range of products and services under the L&T Finance brand, the company said in a release.
