This makes SEMM a co-promoter in Shriram AMC alongside the existing promoter Shriram Credit Company Limited (SCCL). This comes after Shriram AMC completed a preferential allotment of 38.89 lakh equity shares to Sanlam Emerging Markets (Mauritius) Limited (SEMM), raising Rs105 crore in growth capital.
With this allotment and the mandatory open offer, SEMM now holds a 23 per cent direct stake in India’s first listed AMC. The open offer was done at Rs 270 per share of Rs 10 face value. SEMM is a part of the Sanlam group, South Africa’s largest asset manager with $80 billion in AUM (asset under management).
With the entry of SEMM as co-promoter, the total promoter shareholding in Shriram AMC has increased from 62.55% to 71.17 per cent. Consequently, the board of Shriram AMC will be reconstituted to include Sanlam’s representatives. In the changed scenario, the holding of Shriram group in the AMC will be 48.17 per cent and that of SEMM 23 per cent, according to a spokesperson of the Shriram Group.
Shriram Group had earlier secured an investment from Mission1 Investments LLC, which acquired a 23 per cent stake in Shriram AMC in 2022. The current holding of Mission1 Investments LLC is 17.71 per cent. Besides, the general public holds around 11.12 per cent in the AMC. The holding of Mission1 Investments LLC is now considered a part of the public holding, according to the spokesperson.
Shriram Asset Management Company Limited was incorporated in 1994. The company received approval from SEBI (Securities and Exchange Board of India) to act as the Asset Management Company of Shriram Mutual Fund, vide registration No. MF/017/94/4. Shriram AMC offers a mixed product line comprising hybrid, equity and debt funds.
Sanlam Group is a leading financial services group listed on the Johannesburg Stock Exchange (JSE), Namibian Stock Exchange and A2X Markets Limited. The group provides comprehensive financial solutions to institutional clients and consumers across all market segments. Established in 1918, Sanlam operates in 31 countries and is the largest non-banking financial services group in South Africa.
Growth market
“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,” said Mr Carl Roothman, CEO of Sanlam Investments, in a release.
An endorsement
“This partnership is more than capital — it’s a strong endorsement of our quantamental approach that fuses data science with fundamental insights. 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. As a result, this strategic partnership will further strengthen the key pillars of our strategy covering the 3Ps of Performance, Products and Placement,” said Kartik Jain, MD & CEO, Shriram AMC, in a release.
