Acquisition of L&T Investment Management Limited and schemes of L&T Mutual Fund

BACKGROUND

HSBC Securities and Capital Markets (India) Private Limited (the "HSCI"), the sponsor of the HSBC Mutual Fund, HSBC Asset Management (India) Private Limited (the "HSBC AMC"), the asset management company of the HSBC Mutual Fund and the Board of Trustees of the HSBC Mutual Fund (the "HSBC Trustees") and L&T Investment Management Limited (the "L&T AMC"), L&T Mutual Fund Trustee Limited, that are the existing asset management company and trustee company of L&T Mutual Fund, respectively and L&T Finance Holdings Limited (the "L&T Sponsor"), the existing sponsor of the L&T Mutual Fund have entered into a transfer agreement dated 23 December 2021, which, inter alia, provides for:

(i) a change in the sponsorship, trusteeship, management and administration of the schemes of L&T Mutual Fund ("L&T MF Schemes") whereby HSCI will become the sponsor of the L&T MF Schemes, HSBC Trustees will become the trustee of the L&T MF Schemes and HSBC AMC will have the rights to manage, operate and administer the L&T MF Schemes, which will be considered to be an integral part of the HSBC Mutual Fund;

(ii) merger / consolidation of identified L&T MF Schemes with identified schemes of HSBC Mutual Fund or vice-versa; and

(iii) the acquisition of the entire share capital of L&T AMC by HSBC AMC and its nominees from L&T Sponsor and its nominees (collectively, the "Proposed Transaction").

The Securities and Exchange Board of India has vide its communication dated 11 October 2022 and 14 October 2022 coneyed their no objection to the proposed transaction.

The proposed transaction will result in consolidation of the products offered by HSBC Mutual Fund and in particular will result in the following changes with effect from the close of business hours on 25 November 2022 (Click here for Effective Date notice):

Table 1: Merger of Schemes between HSBC Mutual Fund and L&T Mutual Fund

Table 2: Change in Fundamental Attribute of HSBC Mutual Fund Scheme

Table 3: Change in Fundamental Attribute of L&T Mutual Fund Schemes (to be part of HSBC Mutual Fund) with effective date from the close of business hours on 25 November 2022

Table 4: Change of name of L&T Mutual Fund schemes (to be part of HSBC Mutual Fund) with effective date from the close of business hours on 25 November 2022

Table 5: Discontinuation of subscription in HSBC Mutual Fund Scheme

Notices and addendums

 Announcement - HSBC AMC acquires L&T AMC

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