Shriram AMC approves strategic investment by Mission1 Investments

04 Feb 2022 CW Team

Shriram Asset Management Company (AMC) told the media that its board members had approved a strategic investment by Mission1 Investments, which will acquire a 23% stake in the company.

The partnership will enhance Shriram Group's focus and its attention towards building an investment solutions platform, focusing on empowering the end consumer, retail and institutional.

The company said that with Rs 35 crore investment, Mission1 Investments would hold a 23% stake in Shriram AMC.

Mission1 will subscribe to compulsorily convertible debentures (CCSs) and warrants in 18 months at a conversion price of Rs 124.30 per share and a premium of 24%.

The promoters will invest Rs 50 crore by compulsorily convertible preference shares (CCPs) at the same conversion price of Rs 124.30 per unit.

The transaction is subject to the Securities and Exchange Board of India's (SEBI) approval.

Currently, Shriram's ownership stake of 68.67% of the paid-up capital will lower to 62.55% after conversion.

Mission1 Investments is an impact-focused investment partnership to democratise access to investments and wealth creation and generate a strong financial return for its partners.

Moreover, 10% of the company's equity will be kept aside for employees stock option plans (ESOPs), having an additional provision of 10% going forward, and one investor representative will join the company's board as a non-executive director and vice-chairman.

Presently, Shriram Credit Company holds a 62.5 per cent stake after the strategic investment of Mission1 in Shriram AMC. The company is the present sponsor of the asset management firm.

Also read: Shriram Group announces merger to create largest retail finance

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