Shriram AMC has received a strategic investment from US based company - Mission1 Investments LLC (Mission1). Mission 1 has bought 23% stake at Rs.35 crore.
As part of this transaction, Mission1 will subscribe to Compulsorily Convertible Debentures (CCDs) and Warrants within 18 months at a conversion price of Rs. 124.30/per share, a premium of 24% over February 01, 2022 closing price. The promoters will invest a further Rs.50 crore into the business by way of Compulsorily Convertible Preference Shares (CCPs) at the same conversion price of Rs. 124.30/share. The transaction is subject to SEBI approval.
In a press release, Akhilesh Singh, Vice Chairman, Shriram Credit Company Ltd said, “The Shriram Group is fully committed to reinvigorating the mutual fund business. Towards this, we are bringing investors who are growth conscious and aligned with the Group’s passion for responsible growth and impact at the bottom of the pyramid. Going forward, we will launch solutions leveraging our deep tech architecture, our connect with customers and a creative product-set focused on value creation for the common investor.”
Shriram Mutual Fund manages AUM of Rs. 227 crore as on December 2021.
