Sundaram Finance sells entire stake in CIBIL to TransUnion

According to reports, PNB and Central Bank of India also offloaded their stakes to the US firm

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Sundaram Finance Ltd sold its entire stake in Credit Information Bureau (India) Ltd (CIBIL) to US-based TransUnion International, Inc. The company today informed Bombay Stock Exchange that the company has sold its entire holdings of 625,000 equity shares of Rs 10 each in CIBIL to Trans Union International, Inc, after completion of all statutory formalities.

According to information available, since 2001, TransUnion,which specialises in analytics, decisioning and information management, has been active in the Indian marketplace as the technical partner and a shareholder in CIBIL, the first credit bureau in India.

Earlier reports also show that the public sector bank Central Bank of India has sold its entire stake in CIBIL to TransUnion International in the beginning of March, this year, shortly after the Punjab National Bank sold its 5% stake in CIBIL to the US firm.

TransUnion has been reportedly looking at raising its stake in CIBIL after the government raised the FDI cap in credit information companies from 49% to 74%.