Securities Issue Committee at its meeting held today has allotted Equity Shares the details of the same are mentioned in the attached Intimation Letter
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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. 105.00 crore (plus Rs. 30). This follows shareholder approval in January 2025 and regulatory clearances from SEBI, BSE, the Competition Commission of India, and the South African Reserve Bank. The allotment has triggered a mandatory open offer under SEBI Takeover Regulations, and the newly issued shares will be held in an escrow account with no voting rights until the open offer process concludes. Sanlam will become a co-promoter alongside existing promoter Shriram Credit Company, resulting in joint control of the company.
This is a significant strategic development — a foreign institutional investor (Sanlam) is entering as a co-promoter, bringing in Rs. 105 crore and changing the company's control structure. Shareholders should watch for the open offer details (price, size) which will be announced separately, as it directly affects exit options and valuation. The lock-in on these shares means no immediate dilution pressure, but the change in promoter composition could lead to long-term strategic shifts in the business.