Sundaram Finance Holdings has received approval from board of directors for the acquisition of 650 equity shares of Rs 1,00,000 each, representing 6.84% in Flometallic India (FIPL), a company engaged in the manufacture of iron castings, for the automotive industry, from the individual shareholders of FIPL for a total consideration not exceeding Rs 13,00,00,000, excluding stamp duty, applicable taxes and other expenses, if any. The proposed transaction is likely to be completed by end of June 2021. After this proposed acquisition, company's stake in FIPL will increase from 40.00% to 46.84%.
Sundaram Finance Holdings is involved in the business of making all types of investments, including investments in financial service enablers, Fin-tech investments and Small Startup Type (incubator) investments, as well as to engage in the business of BPO, consultants.
