Valiant Mauritius Invests In Shriram Housing Finance
by Irfan Khan
Valiant Mauritius Partners FDI Limited has invested in Shriram Housing Finance Limited, subsidiary of Shriram City Union Finance according to announcement on BSE.
The terms of the transaction were not disclosed, however Shriram Housing Finance had announced plans to raise R75Cr from both PE investors and the promoters by diluting 20-22% stake.
Shriram Housing is the mortgage lending arm of Shriram Group. The housing finance business was started with an initial capital of around R15Cr. The company is engaged into asset backed lending, truck finance, personal finance, insurance and real estate.
UltraTech Cement Ltd. which was trying to buy the cements business from Jaiprakash Associates Ltd in a $2.3 billion deal, has met some road blocks as the debt ridden Jaypee Group has been unable to meet certain financial commitments including clearing statutory dues and providing working capital for the plants under review.