On Friday, shares of Sundram climbed over 2 per cent to Rs 1569 in the morning. The focal point of which was the announcement that it will acquire BNP Paribas stake in their two Joint Ventures (JVs).
However, the acquisition is subjected to the approval by the Securities Board of Exchange (SEBI) and expected to be completed by next month.
In its announcement, the non-banking financial company said it has reached an agreement with its partners BNP Paribas for acquiring the stakes held by the end in their two joint venture companies for a total consideration of around Rs 1000 crore.
Subject to the needed regulatory approvals, the entire 49 per cent equity stake held by BNP Paribas Securities Servies in Sundaram BNP Paribas Fund Services would be acquired for Rs 15 million (Rs 1.5 crore).
Shares of Sundaram Finance traded 2.36 per cent up at Rs 1,569 on BSE around 10:10 am.
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