L&T Finance Holdings Ltd is trading higher by 4% at Rs 49.55 after the company announced its entry into housing finance business, with signing of definitive agreements for the acquisitions of Indo Pacific Housing Finance (IPHF), subject to receipt of appropriate regulatory approvals.
“As of its last audited results, IPHF has loan book size of Rs 194 crore. It has 34 branches, primarily in the southern and western regions,” the company said in a filing to the stock exchanges.
“We see the mortgage and loan against property business as the logical next step in building the L&T franchise in the home owners’ market” said YM Deosthalee, Chairman & Managing Director of the L&T Finance Holdings.
The stock opened at Rs 48.80 and hit a high of Rs 49.85 on the National Stock Exchange. A combined 525,298 shares have changed hands on the counter so far on both the exchanges.