L&T Finance Holdings inks definitive agreement to acquire FCL

22 Oct 2012 Evaluate

L&T Finance Holdings (LTFH) has entered into definitive agreements with France’s Société Générale Consumer Finance on October 19, 2012, for acquisition of 100% of FamilyCredit (FCL), a well established NBFC with presence across two-wheeler and auto financing. Equirus Capital acted as advisor to L&T Finance Holdings on this transaction.

The consideration to be paid to complete the acquisition is Rs 120 crore. The conclusion of the transaction is subject to receipt of appropriate regulatory approvals and to customary closing conditions. This acquisition will consolidate LTFH’s presence in auto financing business in India.

As of June 30, 2012, FCL had loan book size of Rs 1,287 crore of which two-wheeler financing constituted 53% and car financing 35%. It has 53 branches across 16 states in India and presence in more than 1,400 dealer outlets with a sizeable customer base in excess of 400,000. It also has a fully staffed professional team with hands-on experience in the two wheeler financing and auto financing business.

LTFH is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.

L&T Finance Share Price

148.65 2.75 (1.88%)
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