Shriram Finance today has approved the sale of its entire stake in Shriram Housing Finance Limited (SHFL) to Mango Crest Investment Ltd, an affiliate of global private equity firm Warburg Pincus. The transaction, which has been approved by the Competition Commission of India (CCI), will see Warburg Pincus potentially acquiring up to 99.91% of SHFL’s share capital.
The approval follows a Board meeting held on May 13, 2024, where Shriram Finance’s directors considered and sanctioned the divestment of SHFL, a high-value debt-listed non-material subsidiary of the company. The sale is subject to customary conditions, including regulatory approvals and adherence to the terms set out in the share purchase agreement.
The CCI granted its approval for the acquisition on August 20, 2024, under Section 31(1) of the Competition Act, 2002. Shriram Finance is awaiting further regulatory clearances and will provide updates as the transaction progresses.
