Sundaram Finance Holdings Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
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Sundaram Finance Holdings Limited conducted a postal ballot via e-voting from April 16 to May 15, 2025, seeking shareholder approval for a material related party transaction. The resolution was to pledge up to 1,60,49,962 equity shares of Rs.10 each in Axles India Limited (aggregating Rs.476.12 Crores) — combining 98,91,754 existing shares and 61,58,208 shares to be acquired from Dana Global Products Inc. — as security for debt to be raised by its wholly owned subsidiary Forge 2000 Private Limited. A total of 3,56,86,647 votes (16.17% of total paid-up capital) were polled, with 99.96% voting in favour and only 0.04% against. The resolution was declared passed on May 16, 2025.
The overwhelming approval (99.96%) signals strong shareholder support for pledging Axles India shares to facilitate debt raising at the subsidiary level. Since the transaction involves the promoter group, it required related-party approval; its smooth passage removes a regulatory hurdle for the subsidiary's funding plans. Investors should note the Rs.476 Crore exposure is now formally committed as collateral.