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Sanlam is South Africa’s largest asset manager with $80 billion in AUM, and has been in partnership with the Shriram Group over two decades, underscoring India’s rapidly growing asset management industry
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Parent Shriram Finance, which is mainly into commercial vehicle financing, owns 84.82 percent in Shriram Housing Finance, while 14.94 percent stake is held by US-based private equity player Valiant Capital Management
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The new business premium — includes both individual and group policies which stood at Rs 488 crore during the quarter under review and is up from Rs 207 crore recorded a year ago.
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A source at Shriram Properties has indicated that an agreement on the exit of Shriram group from Shriram Properties could happen within a month or so
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This partnership aims largely at providing financial services such as loan products to its users. Shriram Finance's products will now be digitally available on Paytm's platform as part of this cooperation, helping to extend access to credit and drive financial inclusion in the country.
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Shriram Financial Ventures, which served as the holding company for SCL, will henceforth take on the roles of promoter and holding company for the Group's financial services and insurance operations.
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Shriram was amongst 18 participants that attended virtual roadshows organised by the government in April to brief suitors about the privatisation plan.
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Within two months, the 500 branches will likely generate leads of up to Rs 400 crore of loans, SCUF's MD Chakravarti said.
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The Board of Shriram Group on December 13 had approved the merger of its lending subsidiaries SCL and SCUF with STFC. The merged entity would be known as Shriram Finance.
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Both NBFCs have strong pockets and domain expertise. Besides the benefits that would result from scale, the non-banking finance business of the Shriram group would gain greater stability and achieve higher growth.
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Shriram Capital will dilute its stake before spinning off its insurance business
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The company believes that the merger would help it bring together all its lending products – commercial vehicles, two-wheeler loans, gold loan, personal loan, auto loan and small enterprise finance - under a single roof
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The announcement comes in the wake of intense speculation that Shriram Capital has been exploring a merger of its two lending companies, Shriram Transport Finance Ltd and Shriram City Union Finance Ltd.
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Thyagarajan said he will not run the day-to-day operations but will be available for consultations
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This is not the first time that the financial services group, a household name in Tamil Nadu, is considering mergers as a way of creating value for investors in the holding company.
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The merger will also give an exit opportunity for the group's two key investors-Piramal Enterprises and TPG Capital.
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While they are likely to report marginal quarterly improvement in the January-March period, analysts say that it will take longer for the environment to normalise.
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As per the report, before the deal, Shriram Capital, the group holding company, would have to finalise plans for a three-way merger with its publicly traded arms: Shriram Transport Finance and Shriram City Union Finance
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R Thyagarajan of Shriram Group said both parties can explore the merger without the pressure of the exclusivity period.
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A deal to combine Shriram Capital and the group would have created a financial conglomerate with a universal bank and the ability to provide a range of financial products from insurance to vehicle finance.
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The shareholders long-term wealth is something which will drive our decision with regards to IDFC, R Thyagarajan, Founder, Shriram Group.
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As per a confidentiality, exclusivity and standstill (CES) agreement, the two companies are in the process to evaluate potential combination of certain business and subsidiaries/associate companies of the Shriram Group engaged in credit and non-credit financial services with IDFC Group.
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Nomura has retained a buy rating on Shriram Transport Finance Corporation with a target price of Rs 1250 and feels that the investors will need to be compensated by a high premium in the SWAP ratio on its merger with the IDFC Group.
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"Any rating impact from the potential merger of Shriram group's financial services businesses with the IDFC group would depend on the final terms of the deal, including the post-transaction structure, pricing and financial profile of the merged group," S&P Global Ratings credit analyst Nikita Anand said.
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Discussions between RBI officials and company members have taken place but cannot say that there has been assurance from RBI with respect to the IDFC merger, said R Thyagarajan, Chairman, Shriram Group.
