Cholamandalam Dbs Finance has informed the stock exchanges that the company has acquired 3,47,379 equity shares in Cholamandalam Factoring, (CFACT) a non-banking finance company registered with the Reserve Bank of India.
With this acquisition, CFACT will become a subsidiary of the company with aggregate holding of the company in CFACT constituting 95.55 per cent. The acquisition is expected to support the company in its collection activities with more focused efforts and synergies, the company said in a statement.