Sundaram Finance to invest 3.5 Million Euros in MIND

The discussions with MIND in connection with the proposed transaction representing a stake of up to 49.9% and definitive agreements are yet to be executed.

Jul 16, 2020 04:07 IST India Infoline News Service

Sundaram Finance Holdings Limited (SHFL) approved an investment not exceeding Euro 3.5 Million (in the form of cash consideration) representing a stake of up to 49.9%, in Mind S.r.I., Italy (MIND).

Bologna, Italy based MIND engages in the manufacturing of composite materials components for the automotive, aerospace and medical sectors.

SFHL informed the exchanges Thursday that "the discussions with MIND in connection with the proposed transaction and definitive agreements are yet to be executed. Upon completion of the negotiations and execution of definitive agreements, the proposed transaction is likely to be completed by end of September 2020, subject to all necessary approvals".

The proposed investment would enable SFHL to enter the rapidly growing composite part manufacturing space and facilitate the sharing of technical know-how and expertise in the said space.

Sundaram Finance trade finished at Rs1,250.30 down by Rs19.05 or 1.5% from its previous closing of Rs1,269.35 on the BSE.

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