Sriram Finance sold its stake to Mango Crest Investments, an affiliate of Warburg Pincus, an exchange filing said.
“With all necessary approvals from regulatory authorities and stakeholders duly secured, the transaction is an important milestone. Shriram Housing Finance, a leading affordable housing finance company, is an integral part of the growth story of Shriram Finance, contributing significantly to financial inclusion through its focus. With the transaction, SHFL is well positioned to further expand its operations and accelerate its growth under the ownership and guidance of Warburg Pincus,” the company said in a statement. It has been stated.
Commenting on the transaction, Umesh Revankar, Executive Vice Chairman, said, “We are delighted to announce the completion of this transaction and extend our best wishes to the team as they embark on this new chapter under Warburg Pincus. We are confident that the team will continue to achieve financial inclusion. and continue to drive success through affordable housing for individuals under Warburg Pincus’ stewardship.”
The sale is aligned with Sriram Finance’s strategic priorities, allowing the company to focus on its core business segments and growth areas, the company said.
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Shares of Shriram Finance on NSE are Rs. 60.50 or up 1.90% from Tuesday’s closing price to Rs. It closed at 3,247.
Shriram Finance reported a profit after tax (PAT) of Rs. 2,071.26 crore with a growth of Rs. 1,750.84 crore, registering a growth of 18.3 percent as compared to the same period of the previous year. Net interest income (NII) for the second quarter ended September 30, 2024 increased by 16.37% to Rs. 5,606.74 crore which was Rs. 4,818.18 crore in the corresponding period of the previous year.
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