Shriram Finance eyes 15% stake sale in housing finance arm, stock gains

After the equity infusion, Shriram Finance’s stake in Shriram Housing Finance will drop to around 70 percent from 85 percent, a report said

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Shriram Finance shares were trading more than a percent higher on March 16 morning following a report that the company is looking to pare a 15 percent stake in its housing finance arm at a valuation of $121.35 million.

The equity infusion would likely be to the tune of $121.46 million, news agency Reuters quoted sources as saying. The company could take a final call on the deal by March-end after evaluating all the offers.

After the equity infusion, Shriram Finance’s stake in Shriram Housing Finance, which offers loans largely in the affordable housing sector, would drop to around 70 percent from 85 percent, sources added.

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As of December-end, Shriram Finance held an 85 percent stake in Shriram Housing Finance and San Francisco-headquartered Valiant Capital Management, LP had the remaining. The company is already in advanced talks with two-three investors, the Reuters report said.

According to sources, if the deal goes through, Shriram Housing Finance could push back its plans for a public listing by at least four to five years.

The housing financier also plans to raise Rs 4,000 crore via debt in the next financial year that begins in April, assuming the stake sale closes, the sources said.

At 11.35 am, Shriram Finance was quoting at Rs 1,247, up Rs 17.80, or 1.45 percent, on BSE. It touched an intraday high of Rs 1,250.15 and an intraday low of Rs 1,223.45.