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Corporate News
13-May-24
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Board of Shriram Finance approves divestment of Shriram Housing Finance
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At meeting held on 13 May 2024
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The Board of Shriram Finance at its meeting held on 13 May 2024 has approved the proposal for disinvestment/ sale/ transfer of the Company's entire stake in Shriram Housing Finance (SHFL), high value debt-listed non-material subsidiary of the Company (Proposed Transaction); and the draft of the share purchase agreement to be executed, among the Company as Seller 1, Valiant Mauritius Partners FDI (Seller 2), SHFL and Mango Crest Investment (an affiliate of Warburg Pincus) (Purchaser) (Share Purchase Agreement), for undertaking the Proposed Transaction.
Pursuant to execution of the Share Purchase Agreement and transfer of shares held by the Company in SHFL, subject to the receipt of requisite approvals from regulatory authorities and fulfilment of other customary conditions, as per the terms and conditions specified in the Share Purchase Agreement and other ancillary agreements, SHFL shall cease to be a subsidiary of the Company.
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