The board of Sundaram Finance Ltd. has approved the proposal to raise funds up to ₹16,750 crore during FY 2024-25 by issuance of non-convertible debentures (NCDs) on a private placement basis in one or more tranches. 

In addition, the company’s stock exchange disclosure revealed that its additional director Anuradha Rao has been appointed as Independent Director on the board for a term of five consecutive years with effect from April 1, 2024.

Anuradha Rao has over 37 years of experience in banking and finance and has worked at the State Bank of India as Deputy Managing Director. She also served as the Managing Director and Chief Executive Officer of SBI Funds Management Private Limited. The 64-year-old has a bachelor’s degree in science from Osmania University and M.Sc. degree in physics from the University of Hyderabad.

The stock closed at ₹4,089.95 on the NSE, lower by 1.66 per cent on Thursday’s trade.