Private Equity

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Shriram AMC to raise Rs.35-Cr from Mission1 Investments

BSE Disclosure   BSE Disclosure   Economic Times  

Publicly listed, Kolkata-based Shriram Asset Management Company is to raise INR 35 crore, from Mission1 Investments LLC in return for a 23% stake. The Investor will subscribe to Compulsorily Convertible Debentures (CCDs) and warrants at a conversion price of INR 124.30 per share. The promoters will invest a further INR 50 crore into the business on the same terms, at the end of which their ownership will come down from 68.67% to 62.55%. Professor R. Vaidyanathan, from IIM (B) Retd. is appointed as the Chairman of Shriram AMC. one representative from Mission1 will join the board as a non-executive director and vice-chairman.