Sundram Fasteners has acquired 49.16% of equity share capital of TVS Infotech from Sundram Fasteners Investments (SFIL), a wholly owned subsidiary of Sundram Fasteners.

TVS Infotech, an unlisted company, is engaged in information technology business providing  Enterprise Solutions for core industries like Manufacturing, Automotive and Distribution.

The said acquisition is through an inter-se transfer of 12.50 million equity shares of Rs 10 each at a consideration of Rs 10 a share (at par) from wholly-owned subsidiary company (SFIL) to Sundram Fastners (holding company).

With this acquisition, Sundram Fasteners has 49.16% equity stake in TVS Infotech. Sundram Fasteners Investments (SFIL) holds 13.10% of equity share capital of TVS Infotech. Thus, TVS Infotech continues to be a subsidiary of the company by virtue of Section 2(87) of the Companies Act, 2013.

Shares of the company declined Rs 1.05, or 0.64%, to trade at Rs 162.25. The total volume of shares traded was 6,018 at the BSE (2.19 p.m., Thursday).