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News on Medial
Shriram Finance raises $468M multi-currency social loan
YourStory
·
1y ago
Medial
Shriram Finance Limited (SFL) has raised $468 million in multi-currency to support its business expansion. The three-year External Commercial Borrowing (ECB) facility was structured as a social loan, with participation from BNP Paribas, DBS Bank, HSBC, and Sumitomo Mitsui Banking Corporation. This fundraise, the largest syndicated multi-currency transaction by a private non-banking finance company, will be used to empower small entrepreneurs and vulnerable groups in India. SFL offers various financial services, including credit solutions for commercial vehicles, two-wheeler loans, car loans, home loans, gold loans, and personal and small business loans.
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NBFCs turn top overseas borrowers in April with over $1.5 billion loans
Economic Times
·
1m ago
Medial
In April, non-banking finance companies (NBFCs) in India dominated overseas loan fundraising, raising over $1.53 billion out of a total $2.92 billion via external commercial borrowing. This trend follows the previous fiscal year. Notably, Shriram Finance led the borrowing with $955 million. NBFCs find overseas borrowing as a cost-effective alternative, especially as domestic bank lending to them slows. External borrowing allows them to diversify their funding and lower costs.
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Keep raises $12M in increasingly competitive Canadian corporate spend market | TechCrunch
TechCrunch
·
2m ago
Medial
Keep, a Toronto-based startup, is expanding its financial platform for Canadian small and medium-sized businesses (SMBs), announcing $12 million in Series A1 funding led by Tribe Capital. Total funding has reached $23 million, with additional credit and venture debt. Co-founded by Oliver Takach, Keep offers multi-currency accounts, corporate cards, and automated expense management. It aims to distinguish itself through international business and multi-currency capabilities, competing with firms like Float Financial in the Canadian market.
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Grapevine: Mubadala may join hands with Warburg for Shriram Housing; Brookfield eyes Leela Palaces Listing
VCCircle
·
1y ago
Medial
UAE sovereign fund Mubadala is reportedly in talks to partner with Warburg Pincus for the purchase of a majority stake in Shriram Housing Finance, a subsidiary of Shriram Finance. Meanwhile, Brookfield Asset Management is considering listing Leela Palaces as it seeks to expand its hospitality business in India. Mubadala is said to be exploring multiple investment opportunities in the Indian market, while Warburg Pincus and Bain Capital are also contenders for the Shriram Housing Finance deal.
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Warburg leads race for Shriram unit; Hindujas, Dixon weigh M&As
VCCircle
·
1y ago
Medial
Private equity firm Warburg Pincus is leading the race to acquire Shriram Housing Finance Ltd, a unit of Shriram Finance. Bain Capital is also competing for the mortgage lender. Meanwhile, the Hinduja Group and Dixon Technologies are considering potential mergers and acquisitions.
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UK-based Marshall Wace sells shares of One97 Communications, Shriram Finance for Rs 419 Cr
YourStory
·
1y ago
Medial
UK hedge fund, Marshall Wace, has sold shares of One97 Communications and Shriram Finance for a total value of Rs 419 crore in open market transactions. Marshall Wace Investment Strategies - Eureka Fund sold 5.85 lakh shares of One97 Communications and over 14.67 lakh shares of Shriram Finance at average prices of Rs 428.05 and Rs 2,684.30 per piece, respectively. Meanwhile, BNP Paribas Financial Markets purchased shares of both companies at the same prices. Shriram Finance shares rose 1.75% while One97 Communications shares slipped 1.04%.
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Warburg Pincus wins a heated race for Shriram Group’s housing finance biz
Livemint
·
1y ago
Medial
US-based investment firm Warburg Pincus has acquired a controlling stake in Shriram Housing Finance, a subsidiary of Shriram Group, for INR 46.3bn ($640m). The deal marks Warburg Pincus's largest investment in India to date and positions the company in the country's affordable housing finance sector, which is expected to expand at a compound annual growth rate of 12-14% by 2025. Shriram Housing Finance will continue to operate as a stand-alone entity, with the existing management team remaining in place. The transaction is set to be completed by 7 February 2025.
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Power Finance Corp. raises $1.27 billion foreign currency term loan to fuel its green energy transition | Mint
Livemint
·
10m ago
Medial
- Power Finance Corporation (PFC) has raised a foreign currency term loan of $1.27 billion, the largest by a public sector undertaking, to finance its green energy transition. - The transaction was executed through a facility agreement with multiple banks in IFSC GIFT City, enabling PFC to expand operations, diversify funding, and maintain a competitive edge. - The loan has a 5-year tenor, a floating interest rate of 4.21% per annum, and is denominated in USD, EUR, and JPY. - SBI, IDBI, Axis, MUFG, Deutsche & SMBC were the bankers involved, with SBI acting as the largest lender and facility agent. - India's climate action targets include achieving net-zero emissions by 2070, raising non-fossil energy capacity to 500 GW by 2030, and meeting 50% of energy demand through renewables by 2030.
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RBI imposes penalty on HDFC Bank, Shriram Finance
Economic Times
·
28d ago
Medial
The Reserve Bank of India (RBI) imposed a penalty of Rs 4.88 lakh on HDFC Bank for violating foreign investment norms when granting a term loan. Additionally, Shriram Finance Limited faced a Rs 2.70 lakh fine for non-compliance with digital lending provisions. The penalties stemmed from inspections and regulatory deficiencies found in compliance, intending to address the breaches without commenting on the validity of transactions or agreements made by the entities with customers.
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Bottomline: Warburg-owned Shriram Housing maintains profit, AUM growth trend in FY24
VCCircle
·
10m ago
Medial
- Shriram Housing Finance reports a 58% increase in net profit for FY24 - Assets under management (AUM) continue to grow at a high double-digit rate - Private equity firm Warburg Pincus acquires Shriram Housing in May - Ravi Subramanian serves as the Managing Director and CEO of Shriram Housing - Net profit for the year ended March 2024 amounts to Rs 217.4 crore
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Warburg Pincus to acquire mortgage lender in its largest India deal
VCCircle
·
1y ago
Medial
Private equity firm, Warburg Pincus, has made its largest deal in India to date by acquiring Shriram Housing Finance Ltd. This marks their significant investment in the country since starting operations there over 20 years ago. The mortgage lender will be acquired from Shriram Finance Ltd and another private equity firm. The deal showcases Warburg Pincus' continued interest in the Indian market.
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