The Hindu Business Line : Sundram Fasteners mulls stock split

SUNDRAM Fasteners Ltd's board will meet on October 29, to consider splitting of existing equity shares of Rs 10 each. The board will also consider a proposal to merge TVS Autolec with the company.

"What the shares would be split into is something that will be decided by the board," company's officials told Business Line on Monday. The move to merge TVS Autolec, a subsidiary company which manufactures water pumps for automobiles, is aimed at increasing the size of the company's balance sheet, they said.

Last year, TVS Autolec achieved a turnover of Rs 107.60 crore and made a net profit of Rs 1.97 crore. Turnover was higher over the previous year by 8.75 per cent, while the net profit had increased over 10-fold. As at March 31, 2003, TVS Autolec had capital and reserves of Rs 30.02 crore.

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