Sundaram Finance ups stake in arm

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.