M&A

M&A

Shriram Capital close to merger deal with group NBFCs

Bloomberg Quint  

Unlisted financial services firm Shriram Capital Ltd is nearing a deal to merge with publicly traded NBFCs Shriram Transport Finance Co and Shriram City Union Finance Ltd as it seeks to fold its offerings into a single entity. The merged entity will have USD 20 billion of assets under management. Following RBI guidelines, the group's insurance business will be kept out of any potential transactions. ICICI Securities and Morgan Stanley are advising on the merger, which may be announced in the coming weeks. A deal could help investors in Shriram Capital, including Ajay Piramal and private equity firm TPG Capital, to cash out.