L&T Finance up in the green
By
Research Desk
about 11 years ago
L&T Finance, as expected is doing well today. The stock is up almost 2.5% at Rs.73.25, with an intra day high at Rs.73.75. The stock had hit a 52-week high on 19th Dec at Rs.97.35.
The stock is up after Kishore Biyani led Future Group agreed to sell 50% in its life insurance business, Future Generali General Insurance (FGGI) , to L&T Finance for around Rs 550-600 crore. L&T will hold 51% in the merged entity; Generali will hold 26% and the balance 24% will be owned by Future Group. This stake sale is a part of Biyani’s strategy to sell stake to cut debt.