Sundaram Fasteners Investments acquires 24.5% stake in associate firm
With this, the company would hold 62.27% of TVS Infotech Ltd
Sundaram Fasteners Ltd today informed BSE that its subsidiary Sundaram Fasteners Investments Ltd has acquired 24.53% in TVS Infotech Ltd, an existing associate company, consequent to the allotment of rights shares to Sundaram Fasteners Investments Ltd.
With this acquisItion, Sundaram Fasteners Investments Ltd has 62.27% equity stake in TVS Infotech Ltd.
TVS Infotech, an unlisted company, is engaged in IT business providing enterprise solution for sectors including manufacturing, automotive and distribution.
The company will become a subsidiary of Sundaram Fasteners Investments Ltd and consequently a step-down subsidiary of Sundaram Fasteners Ltd.