NEW DELHI: Sundaram Finance today said it has revoked the decision taken in November to amalgamate wholly owned insurance broking arm with another subsidiary.
Without citing any reasons, the company said the in-principle approval granted by its board of directors to amalgamate Sundaram Insurance Broking Services Ltd with LGF Services Limited has been revoked.
The board of directors have decided to "rescind" the decision to merge the two entities, the company said in a regulatory filing.
LGF Services Limited (LGFS) is a wholly owned subsidiary of Sundaram Finance.
LGF is engaged in the business of distribution and marketing of insurance, financial, savings, loan, and investment products.
However, the company could not be reached to ascertain the reason to rescind the amalgamation.
In early November, Sundaram Finance had informed about the board's in-principle approval to amalgamate Sundaram Insurance Broking Services with LGF Services.
Sundaram Finance stock closed 1.56 per cent up at Rs 1267.40 on BSE