By K. Vivek Mob: 09920183006 Email: email@example.com
Shriram City Union Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 30, 2014, have subject to the approval of shareholders, approved issue of up to 65,79,840 Equity Shares of Rs. 10.00 each to Piramal Enterprises Ltd for cash on Preferential basis at a price of Rs. 1,200.00 per share (including a premium of Rs. 1190.00 per equity share) aggregating to Rs. 789.58 crore.
The Board of Directors decided to convene an Extraordinary General Meeting to obtain the approval of Shareholders on May 30, 2014.
UBS Investment Bank acted as sole placement advisor to Shriram City for the transaction.
About Shriram City Union Finance Ltd. (BSE: SHRMCITY, NSE: SHRIRAMCIT): The twenty eight-year old Shriram City is among the more important players in the retail financing space, with Assets under Management of Rs. 15,800 crore in March 2013. The company offers multiple loan products to small business owners and for acquiring assets such as two wheelers, commercial vehicles, passenger vehicles, consumer durables and homes. It also offers loans against gold ornaments and for personal consumption.
About Piramal Enterprises Ltd. (NSE & BSE: PEL): The flagship company of the Piramal Group, PEL had revenues of over Rs. 3,500 crore in FY2013, with an Operating Profit of Rs. 500 cr. and a Balance Sheet size of over Rs. 18,400 crore. The Company is a significant player in Pharmaceuticals, Information Management and Financial Services.