Mumbai: L&T Finance Holdings Ltd has completed the acquisition of auto finance company Family Credit Ltd, said in a filing with the Bombay Stock Exchange.
In October 2012, L&T Finance Holdings had agreed to pay Rs 120 crore for acquiring Family Credit, a unit of France-based Societe Generale Consumer Finance.
Family Credit had a loan book size of Rs 1,287 crore as on end-June 2012. Of this, two-wheeler financing constituted 53 per cent and car financing, 35 per cent.
“The business synergises well with our existing retail financing business and provides opportunity for us to further expand our product offering in the consumer finance domain,” Y. M. Deosthalee, Chairman and Managing Director, L&T Finance Holdings, had said during the October announcement.
Shares of Mumbai-based L&T Finance Holdings ended at Rs 93.05, up 4.55 per cent on the Bombay Stock Exchange.
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