Friday, 30 December 2016

Marico Chief Harsh Mariwala buys stake in L&T Finance

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Marico Chairman Harsh Mariwala has purchased 46,000 shares in L&T Finance from the open market. Mariwala who is an independent board member on L&T Finance has bought these shares in his personal capacity. “As a board member, I had to take the relevant approvals from the board and then bought the shares in my individual capacity. 

It is a confirmation of the fact that I believe in the L&T Finance story,“ Mariwala said. L&T finance has a loan book size over Rs 57,000 crore. The stock gained 29 percent so far this year, beating the broader market in 2016. L&T Finance has plans to exit its non-core businesses such as car financing leases and SME loans. It has appointed merchant bankers to advise them.

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