L&T Finance Holdings dissolves Middle East subsidiary

It said the arm was not a material subsidiary of the company.As on March 31, 2020, LTCM ME had a total income of Rs 20.99 crore equivalent to 0.14 per cent of consolidated income of LTFH.

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. On July 17, LTFH had informed about the voluntary winding-up of one of its wholly-owned subsidiaries incorporated in Dubai to carry on the off-shore wealth management business, subject to applicable laws of United Arab Emirates.

''Further to the communication received from the official liquidator in Dubai on December 20, 2020, please note that pursuant to a 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 on March 31, 2020, LTCM (ME) had a total income of Rs 20.99 crore equivalent to 0.14 percent of the 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 Rs 90.90 apiece on BSE, down 0.44 percent from its previous close.