L&T Finance Holdings Ltd today announced that it has signed definitive agreements to acquire 100 per cent of FamilyCredit Ltd from Societe Generale Consumer Finance.
The consideration to be paid to complete the acquisition is Rs 120 crore, L&T Finance said in a filing with the Bombay Stock Exchange. The conclusion of the transaction is however subject to regulatory approvals.
FamilyCredit Ltd is a non-banking finance company with presence across two-wheeler and auto-financing. This acquisition will consolidate L&T Finance’s presence in auto financing business in India.
The scrip was trading marginally up at Rs 54.20 on the NSE.