CCI approves merger of Shriram Transport Finance with Shriram Capital
CCI approves merger of Shriram Transport Finance with Shriram Capital
Earlier the group had received the nod from the Insurance Regulatory and Development Authority of India
Shriram Transport Finance Company (STFC) has said that its merger for the Composite Scheme of Arrangement and Amalgamation has been approved by the Competition Commission of India (CCI). Hence, STFC would be merging with Shriram City Union Finance (SCUF) and Shriram Capital (SCL).
In a stock exchange filing, the companies stated that the CCI conveyed its approval under the Competition Act, 2002.
The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements) Regulations, 2015.
In July, the Shriram Group received approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the proposed amalgamation of group companies. IRDAI approval was necessary for the merger, as the group has two insurance companies Shriram Life and Shriram General Insurance, which, post-merger, will continue being independent entities.
