Financial Daily from THE HINDU group of publications
Thursday, Mar 09, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 09, 2006 |
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Money & Banking
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Mergers & Acquisitions Shriram Trans, Overseas merger at 3:5 ratio Our Bureau
Chennai , March 8 Shareholders of Shriram Overseas Finance Ltd will get three shares in Shriram Transport Finance Company for every five shares they hold in Shriram Overseas, it has been announced today. The merger ratio is based on the valuation report of consultants Ernst & Young, according to a stock exchange notification from the Shriram group. Shriram Overseas has financial assets of around Rs 200 crore. But the big gain to Shriram Transport Finance, according to its Managing Director, Mr R Sridhar, is the network of 68 branches that Shriram Overseas has in North India. Recently, driven by an intent to bring all truck finance companies in the group under one entity, the Shriram group merged Shriram Investments Ltd with Shriram Transport Finance Company. With the merger of Shriram Overseas, Shriram Transport Finance Company will have close to 300 branches across the country, financial assets of over Rs 5,000 crore and assets under management of around Rs 7,500 crore, Mr Sridhar told Business Line today.
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