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Massachusetts Institute of Technology buys into Shriram City Union Finance

The Times of India:  July, 2013

Chennai: Massachusetts Institute of Technology (MIT) has picked up nearly 6 lakh shares of non-banking finance company (NBFC) Shriram City Union Finance for around Rs59 crore.

MIT, a renowned US-based educational institution, purchased 5,99,943 shares of Shriram City Union Finance through open market transactions on Tuesday, according to information available with the stock exchanges.

The shares were purchased at an average price of Rs984 valuing the transaction at Rs59 crore, data showed. Meanwhile, IIFL offloaded 4.80 lakh shares of Shriram City Union Finance for Rs47.23 crore. As of March quarter, IIFL held 20.07 lakh shares, amounting to 3.62% stake in the NBFC.

Shriram's Group firm Shriram Capital is among the 26 entities which have applied to Reserve Bank of India for grant of bank licences. Shares of Shriram City Union Finance closed at Rs997.55 on the BSE on Tuesday, up 0.97%.