L&T Finance Holdings on Friday completed the sale of L&T AMC to HSBC Asset Management, according to a regulatory filing. "With respect to the proposed sale of 100 per cent of the paid-up share capital of L&T Investment Management Ltd, asset manager of L&T Mutual Fund, to HSBC Asset Management (India) Pvt Ltd, asset manager of HSBC Mutual Fund, …the said sale transaction has been completed on November 25, 2022," the company said on November 25.

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L&T Investment Management Ltd (LTIML) is a wholly-owned subsidiary of L&T Finance Holdings. The company has received Rs 3,484 crore (equivalent of $425 million) as consideration for the sale of LTIML from the purchaser. It has also realised surplus cash balance of Rs 764 crore in LTIML, the company said.