BNP takes 49.9% stake in Sundaram AMC for Rs 100cr

Sundaram Finance has entered into a strategic partnership with BNP Paribas Asset Management to sell 49.9% stake in its subsidiary, Sundaram Asset Management Company, for Rs 100.38 crore.

Sundaram Finance will sell 74.85 lakh equity shares of the asset management firm, amounting to 49.9% to BNP, for Rs 100.38 crore,
the company said in a release issued to the National Stock Exchange today.

"The company will also sell 24,950 equity shares in another wholly-owned subsidiary, Sundaram Finance Trustee Company, for Rs 3.46 lakh to BNP Paribas," the release added.