L&T Finance's deal to sell L&T Capital Markets (Middle East) terminated

New Delhi: L&T Finance Holdings on Friday said the deal to sell its fully owned subsidiary L&T Capital Markets (Middle East) to Proud Securities and Credits Pvt Ltd has been terminated in absence of regulatory approvals.

In November 2019, it had informed about execution of a share purchase agreement to sell its 100 per cent stake in L&T Capital Markets (Middle East) Limited to Proud Securities and Credits Private Limited (purchaser), subject to receipt of necessary regulatory approvals.

"In light of the non-receipt of necessary regulatory approvals sought by the purchaser, and in accordance with the terms of the agreement, we wish to inform you that the parties to the agreement have mutually terminated the agreement with effect from July 2, 2020," it said in a regulatory filing.

LTFH stock closed 2.17 per cent down at Rs 67.70 apiece on the BSE.