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Sundaram Finance closes acquisition of stake in home finance subsidiary

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Sundaram Finance closes acquisition of stake in home finance subsidiary

Sundaram Finance Ltd. completed the acquisition of a 49.9% stake in subsidiary Sundaram BNP Paribas Home Finance Ltd.

Sundaram Finance acquired the stake from BNP Paribas Personal Finance SA for a total consideration of about 10 billion rupees, according to a Sept. 30 disclosure.

The deal is part of French lender's BNP Paribas SA's decision to offload its stake in two Indian joint ventures to partner Sundaram Finance. The Indian company is also acquiring a 49% stake in Sundaram BNP Paribas Fund Services Ltd., held by BNP Paribas Securities Services.

As of Oct. 1, US$1 was equivalent to 71.13 Indian rupees.