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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)