Merrill Lynch, Chrys,Cambridge acquire 10% in Shriram City Fin

Kolkata, Dec 29 (UNI) Shriram City Union Finance Limited (Shriram City), a leading retail finance company, today announced that Merill Lynch, Chrys Capital and Cambridge Place have acquired 10 per cent equity stake each in Shriram.

A company release said here that Merill Lynch, through its arm Indopark Holdings, Chrys Capital through its arm Van Gogh and Cambridgre Place of UK acquired 40 lakhs equity shares each at a price of Rs 160 per share (face value of Rs10) amounting to a total investment of Rs 192 crore.

As a result of this transaction, each of the company has acquired a 10 per cent equity stake each in Shriram City Union Finance.

The release said the shareholders' approval to the above-referred investment was obtained at the Extraordinary General Meeting held on December 18, 2006.

Addressing mediapersons, Shriram Group chairman R Thygarajan said, ''This deal will facilitate Shriram City Union Finance Ltd in effectively implementing its growth strategy across its retail finance products. ''We have had wonderful experience with Shriram Group and we are happy to be once again associated in Shriram City Union finance", said Ravi Bahl, Managing Director, ChrysCapital.

UNI