Sundaram Finance Shares Gained More Than 2 Percent Intraday

Sundaram Finance shares gained more than 2 percent intraday on acquisition of BNP Paribas' stake in securities business.

"We approved the acquisition of 2,20,51,470 equity shares, representing 49 percent in its subsidiary company, Sundaram BNP Paribas Fund Services Limited , from BNP Paribas Securities Services, France, for a total consideration of Rs 1.5 crore," the company said in its NSE filing.

After this proposed acquisition, company's stake in SBFS will increase from 51 percent to 100 percent and SBFS will become a wholly-owned subsidiary of company.

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