The board of Shriram AMC has approved the allotment of 38.89 lakh preferential shares worth Rs 105 crore to Sanlam Emerging Markets, classifying it as a promoter entity along with existing promoter entity Shriram Credit Company (SCCL).
Post the allotment of securities, Sanlam Emerging Markets (Mauritius) would hold 23% equity in the company, which has resulted in an obligatory open offer, and both Sanlam and SCCL plan to acquire 26% stake, or up to 43.95 lakh shares in the company from public shareholders at an offer price of Rs 270 per share.
A binding term sheet has been signed by the board, and the share issue is subject to approvals from the South African Reserve Bank, Competition Commission of India, Sebi and BSE, along with the trustees of the mutual fund.
Shriram AMC has called an Extra-Ordinary General Meeting on January 08, 2025 to seek shareholders' consent for the proposed Preferential Issue.
Sanlam Emerging Markets (Mauritius) holds 40.70% stake in Shriram Capital Private Limited, which holds 63.90% in Shriram Investments Holdings Private Limited, the parent company of SCCL.
Shriram AMC has a market capitalisation of close to Rs 860 crore, and the shares were higher by 5% on December 10, and are up 97% on YTD basis, witnessing a very sharp surge in the last one month.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
