Sundaram Finance acquires partner's stake in insurance venture for Rs 450 cr

Stake was acquired from Royal & Sun Alliance

Sundaram Finance Ltd has acquired the entire 26% held by Royal & Sun Alliance Insurance PLC in Royal Sundaram Alliance Insurance Company Limited (Royal Sundaram). Total consideration was around Rs 450 crore.

The comapny today informed BSE on July 29, 2015 it has acquired the entire 26 per cent equity stake, being 8,19,00,000 equity shares of Rs 10 each, held by Royal & Sun Alliance Insurance PLC in the equity share capital of Royal Sundaram.

Consequent to the said acquisition, the holding of the Company in Royal Sundaram has increased from 49.90 per cent to 75.90 per cent and Royal Sundaram has become a subsidiary of the Company.