Through its wholly owned subsidiary Sundaram Fasteners Investment
Sundram Fasteners has announced that its wholly owned subsidiary, Sundaram Fasteners Investment, has acquired 24.53% of equity share capital of TVS Infotech (an existing associate company) consequent to the allotment of rights shares to Sundaram Fasteners Investment.With this acquisition, Sundaram Fasteners Investment has 62.27% equity stake in TVS Infotech.
TVS Infotech has thus become a subsidiary of Sundaram Fasteners Investment and consequently a step-down subsidiary of Sundram Fasteners with effect from 18 June 2014.
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