Shriram Group merger gets NCLT nod; new entity to take birth by Nov-end

The group is preparing to announce the birth of the new entity called Shriram Finance by the third week of November

The National Company Law Tribunal (NCLT) has given its nod for the mega merger of Shriram Transport Finance and Shriram City Union Finance (SCUF). 

The group is preparing to announce the birth of the new entity, Shriram Finance, by the third week of November. 

Sources close to the development said Shriram Finance would be listed on the stock exchanges by the second week of December.
 

The new entity is expected to have combined assets under management (AUM) of more than Rs 1.5 trillion, some 20 million consumers, and a distribution network of around 3,500. The one-time integration cost was pegged at around Rs 200 crore.