Shares of financial services firm Shriram Finance rise over 5% after the NBFC announced the sale of its housing finance arm Shriram Housing Finance (SHF) to private equity major Warburg Pincus for Rs 4.63 billion. did. The company said it wants to focus on auto financing and small business lending.
It rose 5.13 per cent to Rs 2,419 per share on the BSE and over 5 per cent to Rs 2,417.85 per share on the NSE.
“Warburg has committed to invest an additional Rs 1,000 crore, expected by the end of the current financial year in March 2025, after the completion of the transaction with Shriram Housing Finance (SHF), which was established in 2011.” said Umesh Revankar, executive vice-chairman of Shriram. P.T.I.
Revankar added that SHF is growing at over 50 per cent compounded annually.
Shriram Finance owns 83.8% of SHF shares, 14.8% in PE player Valiant and remaining 1.4% in employee shares. Valeant also plans to sell all of its shares in the company.
Shriram Finance is one of India's leading non-banking financial companies (NBFCs) serving over 84 million customers across the country providing commercial vehicle loans, two-wheeler loans and Micro, Small and Medium Enterprises (MSME) financing.
In today's session, Sensex opened at 79.51 points (0.11 points). percent 72,696.70, Nifty decreased by 8.90 points (0.04 points). percent The high price is 22,112.90. The frontline index was trading slightly higher until midday.
-With input from PTI
© IE Online Media Services Pvt Ltd
Date first uploaded: May 14, 2024, 11:31 IST
