Proud Securities and Credits Private Limited entered into share purchase agreement to acquire L&T Capital Markets (Middle East) Limited (LTCM) from L&T Finance Holdings Limited (BSE:533519) for an enterprise value of approximately INR 180 million on November 14, 2019. The consideration for the acquisition is equivalent to approximately INR 180 million plus cash and cash equivalent balance of LTCM. The total consideration may be adjusted based on the cash position of LTCM on completion date. A fraction of the consideration is deposited by Proud Securities and Credits Private Limited into a non-lien escrow account. LTCM reported net worth of approximately INR 15.4 million as on March 31, 2019. The transaction is subject to regulatory approvals and is expected to close within 10 months from the date of execution of the share purchase agreement. Proud Securities and Credits Private Limited cancelled the acquisition of L&T Capital Markets (Middle East) Limited from L&T Finance Holdings Limited (BSE:533519) on July 2, 2020. The transaction was mutually terminated in the light of the non-receipt of necessary regulatory approvals sought by Proud Securities.