Chennai based Sundaram Finance to buy out BNP Paribas stake

Last Updated: Thu, Jun 20, 2019 21:15 hrs

Chennai: Non-banking finance company Sundaram Finance Ltd on Thursday said it will acquire the entire holding of BNP Paribas Personal Finance in their home loan joint venture Sundaram-BNP Paribas Home Finance Ltd.

In a statement issued here, Sundaram Finance said it has reached an agreement with BNP Paribas Personal Finance to acquire its 49.9 per cent stake in Sundaram BNP Paribas Home Finance subject to regulatory approvals.

The statement did not mention the acquisition price.

Sundaram Finance currently holds 50.1 per cent in the home finance company. The stake acquisition would increase its holding to 100 per cent, thus making the home loan company a wholly-owned subsidiary of Sundaram Finance.

Sundaram Finance's regulatory filing on the purchase price is about Rs 999 crore.