Shriram Finance sold its stake to Warburg Pincus’ affiliate, Mango Crest Investment, an exchange filing said.
“The transaction marks a significant milestone, with all requisite approvals from regulatory authorities and stakeholders duly secured. Shriram Housing Finance, a leading affordable housing finance company, has been an integral part of Shriram Finance’s growth story, contributing significantly to financial inclusion through its focus on the housing needs of underserved segments. With this transaction, SHFL is well positioned to further expand its operations and accelerate its growth under Warburg Pincus’ ownership and guidance,” a company statement said.
Commenting on the transaction, Executive Vice Chairman Umesh Revankar said, “We are pleased to announce the completion of this transaction and extend our heartfelt best wishes to the team as they embark on this new chapter under Warburg Pincus. We are confident that the team will continue to drive success through financial inclusion and affordable housing for individuals. We look forward to seeing it scale to greater heights under the stewardship of Warburg Pincus.”
The sale aligns with Shriram Finance’s strategic priorities, allowing the company to sharpen its focus on its core business segments and growth areas, the company said.
Shriram Finance shares ended at Rs 3,247 on the NSE, up by Rs 60.50 or 1.90% over the Tuesday closing price.Shriram Finance had reported a profit after tax (PAT) growth of 18.3% at Rs 2,071.26 crores as against Rs 1,750.84 crores recorded in the same period of the previous year. The Net Interest Income (NII) for the second quarter ended September, 30 2024 increased by 16.37% and stood at Rs 5,606.74 crores as against Rs. 4,818.18 crores in the same period of the previous year.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
