Sundaram Finance today said it will merge its IT subsidiary with itself. "The board of directors have decided to merge Sundaram Infotech Solutions, our wholly-owned subsidiary, with our company and approved the draft scheme of amalgamation," the company said in a regulatory filing. The scheme is subject to all necessary approvals, it added.
Promoted by Madras Motor Insurance Company, Sundaram Finance is a part of TVS Group. The Chennai-based financier offers vehicle finance, construction equipment finance, tyre Finance, and fleet cards. Through its subsidiaries, it also has a diversified presence in general insurance, mutual funds, housing finance, Business Process Outsourcing, Information Technology Services and retail distribution of a wide array of financial services. Shares of Sundaram Finance closed 0.66 per cent higher at Rs 1,219.05 on BSE.
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