Sundaram Finance informed the BSE on Wednesday that it has hiked its stake in Royal Sundaram Alliance Insurance Co to 75.9 per cent, making it a subsidiaryZ. It acquired the 26 per cent stake (819 lakh shares of ₹10 each) held by Royal & Sun Alliance Insurance plc in Royal Sundaram for ₹450 crore. Prior to the acquisition Sundaram Finance held 49.9 per cent stake in Royal Sundaram. The acquisition is in line with the agreement it had signed with Royal & Sun Alliance in February after the latter decided to exit non-core businesses.
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