TPG India Investments acquires shares, warrants of Shriram Retail Holdings

Shriram City Union Finance Ltd has announced that the Company has entered into a Share Subscription Agreement ("SSA") on September 12, 2008 with TPG India Investments I, Inc ("Investor"), promoters of the Shriram group, Shriram Retail Holdings Pvt. Ltd ("SRHPL") and Shriram Enterprise Holdings Pvt. Ltd ("SEHPL") whereby the Investor has agreed to acquire certain equity shares and warrants of SRHPL which is the holding Company of the Company.

The aforesaid SSA provides for the alteration by the Company of its Articles of Association to reflect the terms and conditions of the said SSA and the rights and obligations of the parties thereto. Accordingly, the Shareholders of the Company have approved to amend the Articles of Association of the Company at the Extra Ordinary General Meeting held on December 04, 2008 ("EGM") to reflect the aforesaid arrangement.

In terms of the special resolution passed at the aforesaid EGM, the amendments would come into effect on the date on which the Investor subscribes to the equity shares and warrants of SRHPL in terms of the SSA i.e. the date of Closing as defined in the SSA.

Further the Company has informed that, the aforesaid Closing was held on January 21, 2009 pursuant to which the amendments to the Articles of Association of the Company were adopted.

The Shriram City Union Finance stock was trading at Rs.325, down by Rs.3 or 0.91%. The stock hit an intraday high of Rs.325.50 and low of Rs.324.95.

The total traded quantity was 966 compared to 2 week average of 6346.

Source : Equity Bulls

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