Private Equity

Liquidity Events

TPG sells its stakes in Shriram Group insurance firms to South Africa's Sanlam

Business Standard  

TPG Capital has completed its exit in Shriram Group companies by selling its entire stakes in Shriram General Insurance Company (SGIC) and Shriram Life Insurance Company (SLIC) to South African financial services group Sanlam - one of the major shareholders in these companies.Sanlam has increased its holdings in SGIC and SLIC to 50.99% and 54.4% respectively.Sanlam is already in agreement to buy 6.29 % in SGIC and 7.04 % in SLIC from TPG India Investments, and 4.45 % in SGIC and 4.98 % in SLIC from the Shriram Ownership Trust. The company currently holds 40.25% shareholding in SGIC and 42.38 % in SLIC. After the disposal of the part of a direct holding by Sanlam in Shriram Finance (SFL), Sanlam's stake in that company will decrease from 10.19 % to 9.54 %.Last year, TPG exited Shriram Finance by selling its 2.65 % stake in an open market transaction.