Shriram Credit Company (SCCL) has acquired 42.67% stake in Shriram Asset Management Company (SAMC) and has become promoter of SAMC and also new sponsor of Shriram Mutual Fund as per Regulation 7 (e) of SEBI (Mutual Funds) Regulations. 1996. The board of directors at its meeting held on June 20, 2013 has taken the note of it.
Earlier on May 09, 2013, SCCL had entered into share purchase agreement with Shriram Transport Finance Company (STFC) and R Thyagarajan to acquire their stake in SAMC. Consequently, SCCL has completed acquisition of the stake of STFC and R Thyagarajan in SAMC. Further, STFC and R Thyagarajan have ceased to be the promoter of SAMC and STFC has also ceased to be the sponsor of Shriram Mutual Fund.
