Sundram Fasteners has acquired 16,80,000 equity shares (constituting 24%) of Rs 10 each from Bleistahl Produktions GmbH & Co. KG (Bleistahl), in the share capital of Sundram Precision Components (SPCL) (formerly Sundram Bleistahl), a subsidiary of the company.

The company has acquired the above mentioned equity shares from Bleistahl in SPCL for a cash consideration at Rs 31.45 a share. The pricing for shares conforms to the valuation norms prescribed under Foreign Exchange Management Act, 1999. The acquisition / transfer of shares was completed on March 27, 2017.

With this acquisition, Sundram Fasteners has 100% equity stake in SPCL (prior to acquisition, the company was holding 76%) and SPCL has thus become a wholly owned subsidiary of the company with effect from March 27, 2017.

Shares of the company gained Rs 1.4, or 0.37%, to trade at Rs 377.50. The total volume of shares traded was 948 at the BSE (10.36 a.m., Wednesday).