Mumbai: L&T Finance Ltd and L&T Fincorp Ltd will be merged with Family Credit Ltd effective from today, the company said in a statement on Monday.

Family Credit Ltd’s name will be changed to L&T Finance Ltd, after the merger. All three companies namely L&T Finance Ltd, L&T Fincorp Ltd and Family Credit Ltd are wholly owned subsidiaries of L&T Finance Holdings Ltd.

The National Company Law Tribunal (NCLT) had approved the merger in a hearing held on 24 January, 2017, said a stock exchange filing.

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L&T Finance Holdings Ltd’s net profit stood at Rs271 crore at the end of December quarter on the earned income of Rs2,094 crore. Wholesale finance formed 61% of the portfolio while home loans and loans against portfolio (LAP) stood at 12 % at the end of December quarter.

L&T Finance Holdings Ltd had acquired Family Credit Ltd, an auto finance company, from its French parent Societe Generale Consumer Finance for Rs120 crore in October 2012. The acquisition was completed in January 2013.

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