South Africa’s Sanlam invests in Shriram AMC, becomes co-promoter

The emblem of Sanlam, South Africa’s largest asset supervisor.
| Photo Credit: Reuters

Shriram Asset Management Company Limited (Shriram AMC), a part of the Shriram Group, has introduced that Sanlam, South Africa’s largest asset supervisor with $80 billion has now change into its co-promoter.

Shriram AMC mentioned it has accomplished a preferential allotment of 38.89 lakh fairness shares to Sanlam Emerging Markets (Mauritius) Ltd (SEMM), elevating ₹105 crore in progress capital.

Also learn | Sanlam group hikes stake in Shriram Insurance companies

With this allotment and the necessary open provides, SEMM now holds a 23% direct stake in India’s first listed AMC and joins as a co-promoter alongside present promoter Shriram Credit Company Ltd (SCCL).

As a end result, whole promoter shareholding has elevated from 62.55% to 71.17%, and Shriram AMC’s Board shall be reconstituted to incorporate Sanlam’s representatives.

Kartik Jain, MD & CEO, Shriram AMC, mentioned, “Leveraging its expertise in both quantitative and fundamental analysis, Sanlam will enhance the sophistication of Shriram AMC’s investment processes and help deliver relevant and differentiated investment solutions to the right customer segments.”

Carl Roothman, CEO of Sanlam Investments, Sanlam’s asset supervisor, mentioned, “We see India as a strategic growth market, and our partnership with Shriram AMC reflects our commitment to co-creating investment excellence, particularly in emerging markets.”

“With over two decades of successful collaboration between the Shriram Group and Sanlam, this partnership builds on a long-standing legacy of trust, and a mutual vision to create impactful investments that benefit society,” he added.

Shriram Group had beforehand secured an funding from Mission1 Investments LLC, which acquired a 23% stake in Shriram AMC in 2022. Building on that momentum, the Group mentioned it “is now deepening its AMC business with Sanlam’s strategic investment, reaffirming its commitment to creating a future-ready and inclusive asset management platform.”