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Jayjayh
2021-12-15

KKR Nearing Deal for Shriram Insurance Stake Ahead of IPO

KKR & Co. is nearing a deal to buy a 10% stake in Shriram Capital Ltd.’s general insurance unit for

KKR Nearing Deal for Shriram Insurance Stake Ahead of IPO

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South Africa’s Sanlam Ltd. holds about a 23% stake in Shriram General, the company’s website shows.</p>\n<p>Buying a stake in Shriram General would add to KKR’s $7 billion worth of equity investments in the South Asian nation, according to a press release. 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The deal may be announced as early as next week, they said.\nDetails of the transaction such as the timing could change depending on regulatory hurdles, the people said. A representative for KKR declined to comment while a representative for Shriram Capital didn’t immediately respond to a request for comment.\nThe deal comes as Shriram Group is merging two of its listed units to create the largest shadow lender to consumers in the country, the company said. Shriram Capital will separate its general insurance, financial services and life insurance businesses as part of the restructuring.\nIndia is expected to see more insurance company transactions, spurred by the government’s move earlier this year to increase the limit on foreign investment in the sector, as well as increased demand for medical and life coverage after the coronavirus pandemic ravaged the country. South Africa’s Sanlam Ltd. holds about a 23% stake in Shriram General, the company’s website shows.\nBuying a stake in Shriram General would add to KKR’s $7 billion worth of equity investments in the South Asian nation, according to a press release. A deal would be the firm’s second bet this year on India’s financial services sector after joining a consortium investing $234 million in non-bank lender Five-Star Business Finance Ltd. in March, according to a statement.","news_type":1},"isVote":1,"tweetType":1,"viewCount":695,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}