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Three-way merger at Shriram group cleared
Shriram Transport Finance Limited (STFC) and Shriram City Union Finance Ltd (SCUF) and their promoter entity Shriram Capital Limited (SCL) announced that the boards of directors of STFC, SCUF, and SCL, at their respective board meetings held on Monday, approved the merger of SCL and SCUF with STFC.
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migrator
migrator
Chennai
This is subject to the approval of shareholders of SCL, SCUF, and STFC respectively, regulatory approvals of RBI, CCI, IRDA, NHB, NCLT, and other regulatory approvals as required. Pursuant to the merger, Shriram Transport will issue, 1.55 shares for every 1 share of SCUF, 0.09783305 shares for every 1 share of SCL.
This translates into SCL shareholders getting 1 share of STFC for every 1 share held by SCL in STFC and SCL shareholders will get 1.55 STFC shares for every 1 share of SCUF held by SCL.
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