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Sundaram Finance Ltd (SFL) will merge its wholly-owned subsidiary, Sundaram Infotech Solutions Ltd, with itself. The decision was approved at a board meeting of SFL held on Friday, according to a communication issued by the company to the Bombay Stock Exchange.
Sundaram Infotech provides enterprise resource management solutions to mid-sized and large companies through Microsoft Dynamics to clients in India, the Middle-East and Australia.
SFL also said that Rajiv C Lochan, Managing Director & Chief Executive Officer, Kasturi & Sons, has been appointed as an independent director on the board.
On the BSE, the SFL stock closed at ₹1,219.05, having risen by 0.66 per cent.
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