Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Private Banks Money & Banking - Mergers & Acquisitions UTI Bank to pick up stake in two Shriram group cos Our Bureau
Chennai , Dec. 29 UTI Bank will pick up a little over 5 per cent stake in two Shriram group companies - Shriram Investments Ltd and Shriram Transport Finance Company Ltd. The bank has an arrangement with the Shriram group, under which it makes available funds for the Shriram group companies to lend to its customers. Alongside, the promoters of the Shriram group, through the closely held company Shriram Chits & Investments P Ltd, will also raise their stake in the two companies. In Shriram Investments, the promoters will raise their holding by around 9 per cent, on the post-expanded capital of Rs 45 crore. In Shriram Transport, the promoters' stake will go up by around 7.5 per cent, company officials told Business Line today.
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