Cholamandalam Financial Holdings has received approval to invest upto an amount of Rs 350 crore in the proposed preferential issue of Cholamandalam Investment and Finance Company (CIFCL). The investment would be in addition to the company’s present holding of 46.5% in CIFCL and would be subject to Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and applicable regulatory approvals, finalization of the size, pricing and other terms of the issue by CIFCL. The Board of Directors of the company in its meeting held on January 22, 2020 has approved the same.
Cholamandalam Financial Holdings engaged in manufacturing of precision steel tubes and strips, car doorframes, automotive and industrial chains and bicycles.
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