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Sundram Fasteners acquires 52.94% stake in SNES
8/28/2008 |
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Sundram Fasteners (SFL) has acquired 52.94% equity share capital of Sundram Non- conventional Energy Systems (SNES), a subsidiary from Sundram Fasteners Investments (SFIL) and Upasana Engineering (UEL), wholly-owned subsidiaries of the company.
Consequent to the acquisition of the equity shares, SNES has become a direct subsidiary of the company with effect from Aug. 27, 2008.
SNES is in the business of generation of power through Windmills in Tamil Nadu.
Shares of Sundram Fasteners (Q, N,C,F)* declined Rs 0.35, or 1.29%, to settle at Rs 26.8. The total volume of shares traded was 12,493 at the BSE (Wednesday).
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