India’s Shriram Finance gets shareholders’ nod for MUFG deal-linked proposals, sources say

MUMBAI/NEW DELHI: India’s Shriram Finance shareholders voted in favour of three proposals linked to the non-bank lender’s deal with Japanese investment bank MUFG signed last month, two sources with direct knowledge of the matter said on Wednesday.

The proposals, floated by Shriram Finance, were to issue shares to MUFG, allow MUFG nominations to Shriram Finance’s board and MUFG’s one-time payment of $200 million to Shriram Finance’s ownership trust.

Per the deal, MUFG acquired a 20% stake in Shriram Finance for $4.4 billion, the largest cross-border investment in India’s financial sector.

Shriram Finance and MUFG did not immediately respond to Reuters’ requests for comment.