Shriram Transport Finance gets CCI approval for amalgamation

Shriram Transport Finance Company (STFC) said it has received approval from the Competition Commission of India (CCI) for the Composite Scheme of Arrangement and Amalgamation entailing the merger of STFC, Shriram City Union Finance (SCUF) and Shriram Capital (SCL).

The companies stated in a stock exchange filing that the CCI has conveyed its approval to the Composite Scheme under 31(1) of the Competition Act, 2002.

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India's Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shriram Transport Finance MD says expect merger completion in 2-3 months

In July, the Shriram Group received approval from Insurance Regulatory and Development Authority of India (IRDAI) for the proposed amalgamation of group companies, Shriram City Union Finance Managing Director and Chief Executive Officer YS Chakravarti had told Moneycontrol.

As per Shriram Transport Finance Vice-Chairman and CEO Umesh Revankar, the IRDAI approval was necessary for the proposed merger as the group has two insurance companies— Shriram Life and Shriram General Insurance—which will continue being independent entities post-merger, as part of the amalgamation plan.