Business Update22 Aug 2024, 09:34 pm
Shriram Finance Ltd Receives CCI Approval for Sale of Stake in Shriram Housing Finance
AI Summary
Shriram Finance Ltd has received approval from the Competition Commission of India (CCI) for the sale of its entire stake in Shriram Housing Finance Limited (SHFL) to Mango Crest Investment Ltd, an affiliate of Warburg Pincus. The proposed transaction, which was approved by the Shriram Finance Ltd board in May 2024, is subject to other regulatory approvals and customary conditions. The CCI approved the acquisition of up to 99.91% of SHFL's share capital by the Purchaser under Section 31(1) of the Competition Act, 2002.
Key Highlights
- Shriram Finance Ltd receives CCI approval for the sale of its entire stake in Shriram Housing Finance
- The proposed transaction is subject to other regulatory approvals and customary conditions
- Mango Crest Investment Ltd, an affiliate of Warburg Pincus, is the purchaser
- The CCI approved the acquisition of up to 99.91% of SHFL's share capital by the Purchaser
- The approval is under Section 31(1) of the Competition Act, 2002