MAPE Advisory Group Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Shriram Asset Management Company Ltd ("Target Company").
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MAPE Advisory Group has submitted the Letter of Offer dated 11 April 2025 to BSE for an open offer to public shareholders of Shriram Asset Management Company. Sanlam Emerging Markets (Mauritius) Limited (the Acquirer) along with Shriram Credit Company Limited (the Promoter) is offering INR 270 per equity share to acquire up to 4,395,499 fully paid-up shares, representing 26% of the voting share capital. The total cash consideration works out to approximately INR 118.68 crore assuming full acceptance. This open offer is triggered under SEBI Takeover Regulations because of a preferential allotment of 3,888,889 shares (23% stake) to Sanlam at INR 270 per share, worth about INR 105 crore. After this deal, Sanlam and Shriram Credit Company will have joint control of Shriram AMC. The tendering window runs from 23 April 2025 to 7 May 2025.
Public shareholders of Shriram AMC now have a clear opportunity to tender shares at INR 270 each during the 23 April to 7 May 2025 window. The deal brings Sanlam (a major South African financial group) as a co-promoter, which may bring fresh expertise and capital, though share trading may be limited during the offer period and acceptance will be proportionate if oversubscribed.