Sundaram Finance Holdings Ltd. (SFHL) has increased its stake in Chennai-based Flometallic India Pvt. Ltd. (FIPL) to 46.8%, following the acquisition of 650 shares from individual shareholders for ₹12.5 crore.
The shares of ₹1 lakh each have been purchased from 14 individual shareholders, excluding stamp duty, SFHL, which earlier owned 40% in FIPL, said in a filing.
Flometallic India is engaged in the manufacture of iron castings for the automotive industry.
The manufacturer of automotive castings reported a turnover of ₹304 crore for FY20 and a net profit of ₹10 crore.
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