INSUBCONTINENT EXCLUSIVE:
Non Banking Finance Company Sundaram Finance Ltd on Thursday said it will sell its entire 10 per cent equity in credit information firm
Equifax Credit lnformation Services Pvt Ltd, a move that will fetch the company around Rs 91 crore.
Both the companies have executed an
agreement to this effect.
"Sundaram Finance Ltd (SFL) has executed a share purchase agreement for sale of its entire equity stake of 10 per
cent in Equifax Credit lnformation Services Pvt Ltd," the company said in a regulatory filing.
Sundaram Finance holds 10 per cent of equity
or 1,35,00,000 equity shares in Equifax Credit lnformation Services Pvt Ltd.
The company said Rs 67.43 is the price at which the shares will
be divested, which "will be increased by 2.2 per cent per annum for the period from October 2019 till the date of Closing (assuming closing
occurs prior to March 31, 2020)".
At this price Sundaram Finance will fetch around Rs 91 crore.
The transaction is expected to be completed
by the fourth quarter of this financial year.
The shares of Sundaram Finance were trading at Rs 1,690.00 a piece, up 1.04 per cent on the
The current market capitalisation of the company stood at Rs 18,698.78 crore.
Chennai-based Sundaram Finance is a financial and investment
The company offers vehicle loan, construction equipment loan, consumer loans, wealth management, commercial finance, and infrastructure