April 21, 2014 1:01 AM ET

Consumer Finance

Company Overview of Shriram Capital Limited

Company Overview

Shriram Capital Limited provides chit fund, transport and equipment finance, and consumer finance services for middle and lower income groups in South India. It offers commercial vehicle finance, enterprise finance, retail stock broking, life insurance, general insurance, financial product distribution, wealth management advisory, and overseas investments services. The company has strategic partnerships with Sanlam and santam. Shriram Capital Limited was formerly known as Shriram Financial Services Holdings Private Limited and changed its name to Shriram Capital Limited in March 2008. The company was incorporated in 1974 and is based in Chennai, India. Shriram Capital Limited operates as a s...

2nd Floor

Shriram House

No.4, Burkit Road

T. Nagar

Chennai,  600 017

India

Founded in 1974

Phone:

91 44 4905 2500

Fax:

91 44 2499 3272

Key Executives for Shriram Capital Limited

Managing Director and Director
Age: 48
Managing Director
Age: 55
Compensation as of Fiscal Year 2013.

Shriram Capital Limited Key Developments

Sanlam Mulls To Increase Its Stake In Shriram Capital

Sanlam Limited (JSE:SLM) is seeking to increase its stake in Shriram Capital Limited to 49%, subject to approval from Indian regulators. Sanlam is also keen to get a banking licence in India. Johan Van Zyl, Chief Executive of Sanlam, said it has set aside INR 500 million of its INR 4 billion discretionary budget to raise its stake in Shriram Capital as it sees opportunity in high growth markets in Asia.

Shriram Capital Hires Axis Capital To Buy Stake In A Life Insurance Venture

Shriram Capital Limited hired Axis Capital to advise it on the purchase of 26% stake held by HSBC Holdings plc (LSE:HSBA) in a life insurance venture with Canara Bank Limited (BSE:532483) and Oriental Bank of Commerce (BSE:500315). Shriram Capital is looking forward to improve its presence in the insurance business with this potential acquisition.

Shriram Reportedly To Bid For HSBC's 26% in Canara HSBC

Shriram Capital Limited is reportedly bidding to acquire 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited from HSBC Holdings plc (LSE:HSBA), senior officials from Shriram Group Pvt. Co. and two other industry representatives, who are familiar with the deal said. Shriram Capital has reportedly hired Axis Capital Markets India Ltd. (BSE:531278) for the transaction. The purchase of HSBC's stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company and a subsequent merger of Shriram Life Insurance Company Limited with it will propel Shriram to under 10 ranking, based on current financials, from 18, said the person who did not want to be identified. According to Economic Times, Shriram declined to comment and Axis had not responded to a mail seeking comment. The other competitors for the stake are Manulife Financial Corporation (TSX:MFC), HDFC Standard Life Insurance Co., Ltd. and ICICI Prudential Life Insurance Company Ltd. An executive said, "This is an opportunity for Shriram Life. We see value in the deal as there are two large banks." According to industry sources, Shriram had a better opportunity compared with the HDFC Standard Life and ICICI Prudential Life, who want to acquire 100% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company which Canara Bank Limited (BSE:532483) and Oriental Bank of Commerce (BSE:500315) are objecting. Shriram and Manulife stand a better chance of completing the transaction as they do not face obstacles, unlike ICICI, or HDFC Life as insurance regulator mandates that no licence holder could operate two companies and if there is a owner with stakes in two, they should be merged.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 17, 2014
--
Merger/Acquisition
July 4, 2013
--
 

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