Shriram Finance: Shriram Group, which provides financial services across the country, has started preparations to make a splash in the IPO market. Two companies of Shriram Group, Shriram Life Insurance and Shriram General Insurance, will bring their IPOs. These IPOs will come within two years. Both these companies are owned by Shriram Group and South Africa’s Sanlam Group.
Both insurance companies are running in profit
Shriram Finance Executive Vice Chairman Umesh Revankar said on Tuesday that Shriram Group is planning to list its insurance companies in the next two years. First the IPO of the general insurance company will be brought. After this the life insurance company will be listed. Umesh Revankar said that both the companies are moving forward. They will be listed after reaching a certain level. Both the companies are doing well. They have been making profits since the beginning. We have not had to give any capital to these two companies.
Senlam Group had recently bought a large stake
Senlam Group recently bought a major stake in both these companies from private equity firm TPG. TPG had a 6.29 percent stake in Shriram General Insurance and a 7.04 percent stake in Shriram Life Insurance. Umesh Revankar said that Shriram Group has no plans to go to the foreign bond market for NBFC Shriram Finance Fund. The company wants to raise money from the domestic market only. If the Federal Reserve cuts interest rates, then this can be considered. Shriram Finance wants to raise about $1 billion.
The company is engaged in expanding the asset management business
Umesh Revankar said that right now we are engaged in expanding our asset management business. Shriram Finance has 3,000 branches. We have deposit agents and insurance agents. We have to increase our distribution power to expand our business. Umesh Revankar said that our asset reconstruction company will try to buy retail assets from banks and NBFCs.
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