South Africa’s Sanlam invests Rs.105-Cr for 23% stake in Shriram Group's AMC

South Africa's Sanlam has invested INR 105 crore for a 23% stake in Chennai-based Shriram Group's asset management arm . Sanlam Emerging Markets (Mauritius) was allotted 38.89 lakh shares in a preferential allotment. Sanlam, an asset manager having over USD 80 billion under management, has an over 2-decade partnership with Shriram Group.With the investment, Sanlam becomes a co-promoter in Shriram Asset Management Company (AMC). The overall promoter stake in the listed company will increase to 71.17 % from the 62.55 % currently.The capital raised from Sanlam will be used for expanding offerings and attracting talent.