Shriram AMC zooms on joining hands with Sanlam
Shriram Asset Management Company is currently trading at Rs. 486.00, up by 42.30 points or 9.53% from its previous closing of Rs. 443.70 on the BSE.
The scrip opened at Rs. 459.00 and has touched a high and low of Rs. 494.00 and Rs. 443.70 respectively. So far 3136 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 697.00 on 05-Aug-2024 and a 52 week low of Rs. 235.35 on 05-Jun-2024.
Last one week high and low of the scrip stood at Rs. 494.00 and Rs. 420.00 respectively. The current market cap of the company is Rs. 821.62 crore.
The promoters holding in the company stood at 62.55%, while Non-Institutions held 37.45% stake in the company.
Shriram Asset Management Company (Shriram AMC) has entered into a strategic partnership with Sanlam, a South Africa’s largest asset manager with $80 billion in AUM. The company has completed a preferential allotment of 38.89 lakh equity shares to Sanlam Emerging Markets (Mauritius) (SEMM), raising Rs 105 crore in growth capital.
With this allotment and the mandatory open offers, SEMM now holds a 23% direct stake in the company and joins as a copromoter alongside existing promoter Shriram Credit Company (SCCL). As a result, total promoter shareholding has increased from 62.55% to 71.17%, and Shriram AMC’s Board will be reconstituted to include Sanlam’s representatives.
Shriram Asset Management Company is an integral part of the ‘Shriram’ Group. The Company act as the Asset Management Company of Shriram Mutual Fund.
