DBS Bank sells stake in Cholamandalam DBS Fin to Murugappa Group

MUMBAI: The Singapore-based DBS Bank has sold its entire 37.48 per cent stake in non-banking finance company Cholamandalam DBS Finance to the Murugappa Group holding companies, the Bombay Stock Exchange was informed on Friday.

DBS Bank has transfered its 37.48 per cent stake, or 2.48 crore shares, to the Murugappa Group firms Tube Investments of India and New Ambadi Estates, Cholamandalam DBS Finance said in a disclosure to BSE.

Tube Investments of India acquired 26.48 per cent and New Ambadi Estates acquired 11 per cent stake in Cholamandalam DBS Finance.

The Murugappa Group holding in the NBFC increased to 74.96 per cent after the said transfer.

As per December quarter shareholding available on the BSE, Tube Investments of India held 30.93 per cent stake and New Ambadi Estates held only 937 shares in Cholamandalam DBS Finance.

Shares of Cholamandalam DBS Finance today closed at Rs 101.10 on BSE, up 3.32 per cent from previous close.