MUMBAI: South African insurer Sanlam has mentioned it can hike its stake in Shriram Common Insurance coverage to 50.99% from 40.25% and in Shriram Life Insurance coverage to 54.4% from 42.38%. The insurer would additionally lower its stake in Shriram Finance from 10.19% to 9.54%.
The stake hike in Shriram’s insurance coverage arms shall be achieved by buying shares from TPG Investments and Shriram Possession Belief.The transactions will outcome within the South African insurer changing into the bulk shareholder in each insurance coverage firms.
Sanlam mentioned it can increase the equal of Rs 892 crore (ZAR 2 billion) to fund the acquisition. The steadiness shall be met via the sale of SFL shares. Going by the present market worth, Sanlam’s 67% stake sale would fetch Rs 614 crore.
“Sanlam has been in partnership with Shriram Group since 2005, and through this time, it has gained a deep understanding of the Indian insurance coverage market in addition to the portfolio of companies below Shriram,” the corporate mentioned in a press release.
The stake hike in Shriram’s insurance coverage arms shall be achieved by buying shares from TPG Investments and Shriram Possession Belief.The transactions will outcome within the South African insurer changing into the bulk shareholder in each insurance coverage firms.
Sanlam mentioned it can increase the equal of Rs 892 crore (ZAR 2 billion) to fund the acquisition. The steadiness shall be met via the sale of SFL shares. Going by the present market worth, Sanlam’s 67% stake sale would fetch Rs 614 crore.
“Sanlam has been in partnership with Shriram Group since 2005, and through this time, it has gained a deep understanding of the Indian insurance coverage market in addition to the portfolio of companies below Shriram,” the corporate mentioned in a press release.
