Global asset management giant Sanlam raises stake in Shriram AMC, becomes co-promoter
CHENNAI: Shriram Asset Management Company Limited or Shriram AMC, a part of the Shriram Group, said on Tuesday it has formed a strategic partnership with Sanlam, South Africa's largest asset manager with $80 billion in assets under management (AUM), making it a stronger player in India's growing asset management industry.
As part of the partnership, Shriram AMC has allotted 38.89 lakh equity shares to Sanlam Emerging Markets (Mauritius) Limited (SEMM), raising ₹105 crore in growth capital, which attracts an open offer by Sanlam. Following this, SEMM will hold a 23% direct stake in Shriram AMC—India's first listed asset management company—and it joins Shriram Credit Company Limited (SCCL) as a co-promoter in Shriram AMC.
Consequently, total promoter shareholding in the Mumbai-based company has risen from 62.55% to 71.17%, and Shriram AMC's Board will be reconstituted to include Sanlam's representatives.
Shriram AMC share price jumped 9.98% to 488 a unit on BSE at 12.48 pm in the early session on Tuesday following the announcement.
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