Sundaram Finance to offload 40 per cent stake in Royal Sundaram
Non-banking finance company Sundaram Finance which holds a majority stake in Royal Sundaram has signed an agreement with Ageas International to divest 40 per cent stake for a total consideration of Rs. 1,520 crore.
Currently, Sundaram Finance Limited holds 75.90 per cent in Royal Sundaram and proposes to divest 25.90 per cent, thereby retaining 50 per cent of its holding post the divestment. Some of the existing shareholders will hold the remaining 10 per cent in Royal Sundaram.
Sundaram Finance registered a high and low of Rs. 1,498.00 and Rs. 1,401.95, respectively during the last week. The current market cap of the company is Rs. 16210.05 crore. While the promoters holding in the company stood at 36.45 per cent, while Institutions and Non-Institutions held 17.94 and 45.61 per cent, respectively.
Sundaram Finance, headquartered in Chennai, is a leading player in Retail Finance with presence across multiple facets of the finserv industry including vehicle finance, home finance, mutual fund, general insurance and financial services distribution.
During Thursday's trade, the stock has opened at Rs. 1,470 per share and touched a high/low of Rs. 1,490.65/Rs. 1,454 and at 12:38 hours, the stock was quoting at Rs.1,454.50 up by 0.10 per cent.