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TPG, a leading global private investment firm, has picked up a 22.6 per cent stake in Shriram City Union Finance Ltd valued at about Rs 1,200 crore.
TPG India Investment was allotted 1.34 crore shares, amounting to a 22.65 per cent stake in the non-banking financial firm, Shriram City Union said in a filing.
The share allotment took place following the amalgamation of Shriram Enterprise Holdings Pvt Ltd with Shriram Retail Holdings Pvt Ltd and the subsequent merger of the consolidated entity with Shriram City Union Finance Ltd.
At the current market price, the deal is valued at Rs 1,207.29 crore. Shriram City Union Shares gained 0.17 per cent to Rs 899.50 at the close on the BSE.
Shriram City Union is a deposit-accepting company that offers financial services, including retail and vehicle loans.