Sundaram Finance Holdings has received approval from board of directors for further acquisition of 72,713 equity shares of Rs 100 each constituting 16% of the total paid-up capital in M/s Transenergy for a total consideration of Rs 6.21 crore (excluding stamp charges, taxes and other expenses, as applicable). Out of 72,713 equity shares, the company is planning to acquire 31812 equity shares (7%) from M/s India Motor Parts & Accessories and 40901 equity shares (9%) from M/s Lumiere Coolants.
Further, the transaction is likely to be completed before March 31, 2023. With this acquisition the percentage of shareholding of the Company in M/s Transenergy will increase to 42.41% from 26.41%. The Board of Directors at their meeting held on March 21, 2023 has approved the same.
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.
