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Sundram Fasteners has informed the bourses that it has formed a new subsidiary Sundram International Ltd in the UK. Earlier, its shareholders had approved the transfer of its entire stake in Cramlington Precision Forge, UK, and Sundram Fasteners (Zhejiang) Ltd, China, (wholly-owned subsidiaries) to a new company in the United Kingdom. The company has invested GBP 1,000 or ₹95,150.19 on March 31, towards initial capital contribution in Sundram International. The company has also transferred its entire voting share capital of Cramlington Precision Forge and Sundram Fasteners (Zhejiang) on March 31 to Sundram International UK. Shares of Sundram Fasteners slipped 0.5 per cent at ₹170 on the BSE.
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