The investment arm of US investor and the Chennai-based Shriram Group have called off the much hyped stakesale in the latter believed to be due to valuation differences.Sources familiar with the development said that the deal ran into rough weather, after Goldman wanted to revisit the valuation of Shriram group company. With falling markets, it is but natural that deals get re-visited.
In March this year, Goldman Sachs, announced it was picking up a 20% stake in Chennai-based Shriram Credit for Rs 300 crore, thereby making an indirect entry into equity and commodity brokerage business in India. Shriram Credit is a non-banking finance company (NBFC) under Shriram Group, which is engaged in lending activities.
Read more in The Economic Times article.
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Goldman Sachs picks up 20% in Shriram Credit for Rs 300 cr
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