Sundaram Finance today said it will merge its IT subsidiary with itself.
"The board of directors have decided to merge Sundaram Infotech Solutions, our wholly-owned subsidiary, with our company and approved the draft scheme of amalgamation," the company said in a regulatory filing.
The scheme is subject to all necessary approvals, it added. Promoted by Madras Motor Insurance Company, Sundaram Finance is a part of TVS Group.
The Chennai-based financier offers vehicle finance, construction equipment finance, tyre Finance, and fleet cards.
Through its subsidiaries, it also has a diversified presence in general insurance, mutual funds, housing finance, Business Process Outsourcing, Information Technology Services and retail distribution of a wide array of financial services.
Shares of Sundaram Finance closed 0.66 per cent higher at Rs 1,219.05 on BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
