Please find attached intimation for Allotment of Equity Shares
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Shriram Asset Management Company has allotted 38,88,889 equity shares (face value Rs. 10) on a preferential basis to Sanlam Emerging Markets (Mauritius) Limited for a total consideration of Rs. 105 crore (approximately Rs. 270 per share, a significant premium to face value). The allotment follows shareholder approval in January 2025 and regulatory clearances from SEBI, BSE, the Competition Commission of India, and the South African Reserve Bank. The preferential issue has triggered a mandatory open offer under SEBI takeover regulations; the newly allotted shares will sit in an escrow account with no voting rights until the open offer process concludes. On completion, Sanlam will become a co-promoter alongside existing promoter Shriram Credit Company Limited (SCCL), and the two will jointly control the company.
Existing shareholders should note a change in control structure with the entry of Sanlam as a co-promoter, diluting SCCL's standalone promoter status. The open offer triggered by this allotment could allow public shareholders an opportunity to exit, though the offer price details will be disclosed separately. The Rs. 105 crore infusion strengthens the company's capital base for its mutual fund business.