L&T Shares Rise 4% on Merger News

New Delhi, Dec 4 (PTI) 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.

On the BSE, shares of L&T jumped 3.88 per cent to settle at Rs 3,313.65 per piece.

On the volume front, 30.95 lakh shares of L&T were traded on the NSE, while 1.17 lakh shares of the company traded on the BSE, during the day.

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.