28 May 2020 | 7:56 AM

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Sundaram Finance to sell entire 10 pc stake in Equifax Credit lnformation
  Sundaram Finance Ltd. | 16 Jan 2020 | 03:42 PM
Published on 01-16-2020
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 13500000 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 1690.00 a piece up 1.04 per cent on the BSE. The current market capitalisation of the company stood at Rs 18698.78 crore.


Chennai-based Sundaram Finance is a financial and investment service provider. The company offers vehicle loan construction equipment loan consumer loans wealth management commercial finance and infrastructure finance among others.