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Stock Report
BNP Paribas subsidiary to pick 49.90% stake in Sundaram Home Finance Ltd
Posted On : 2007-05-09 05:02:25( TIMEZONE : IST )
Sundaram Finance Ltd has announced that subject to relevant regulatory approvals, the Company and Union de Credit pour le. Batiment SA (UCB), a wholly owned subsidiary of BNP Paribas SA of France, on May 09, 2007 have reached an agreement under which UCB will acquire a 49.90% stake in Sundaram Home Finance Ltd (SHFL) for a total consideration of Rs 196.98 Crores. Of the above, a sum of Rs 146.98 Crores shall be payable to the Company, while a sum of Rs 50 Crores would be invested directly in SHFL, resulting in a 49.90% stake for UCB in the enhanced paid-up equity capital of SHFL.
At the completion of the aforementioned transactions, the Company's shareholding will be 50.10% of the enhanced paid-up equity capital of SHFL.
The stock closed the day at Rs.404, up by Rs.13.95 or 3.58%. The stock hit an intraday high of Rs.445 and low of Rs.400. The total traded quantity was 11715 compared to 2 week average of 1151.
