Financial Daily from THE HINDU group of publications
Friday, Oct 29, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 29, 2004 |
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Money & Banking
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Mergers & Acquisitions Sundaram Fin, LGF swap ratio at 1:1.52 Our Bureau
Chennai , Oct. 28 THE boards of Sundaram Finance and Lakshmi General Finance on Wednesday decided that the swap ratio for merger of the two companies will be one share of Sundaram Finance for every 1.52 shares of LGF. The swap ratio was arrived at on the advice of ICRA Advisory Services and CRISIL Infrastructure Advisory. The valuation took into account the market position, quality of assets, funding profile, investments and growth opportunities for both companies. At a press conference here, the Managing Director of Sundaram Finance, Mr T.T. Srinivasaraghavan, said that the merger would take effect from April 1, 2004. He said that Sundaram Finance will get a large client base and 260 trained employees from the merger. He noted that the two companies had very few common clients.
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