L&T Finance Holdings (LTFH) has rallied 7% to Rs 63.70 on back of heavy volumes. As many as a combined 23.5 million shares representing 7.9% of total free-float equity of the company have already changed hands on the counter so far against an average sub 4 million shares that were traded daily in past two weeks.
Yesterday, on November 7, on clarification on "L&T Finance, Pantaloon may Ink Insurance Deal in 2-3 Weeks,” the company said that, “Being a large diversified group, different merger and acquisition (M&A) proposals and potential opportunities for investments, across various lines of businesses are brought to LTFH and L&T from time to time, by various intermediaries and advisors.”
The company has clarified to BSE that the company is not into any discussion to buy out the aforesaid stake. LTFH, which is the financial services arm of Larsen & Toubro Ltd (L&T), being a subsidiary of L&T is not eligible to be a sponsor of insurance business as per IRDA guidelines.
