Shriram Group has revived plans to restructure its various financial services businesses that includes lending and insurance by collapsing its two listed units into one and reverse merging the holding company into it, while spinning out insurance into a separate entity, said multiple people aware of the developments. The group however denied any such development, calling it speculation.
Morgan Stanley and ICICI Securities are advising Shriram Capital, the unlisted holding company of the group. The proposed reorganisation, if approved by a majority of minority shareholders and regulators, will lead to a simplified corporate structure and allow its investors- billionaire Ajay Piramal and TPG Capital -an exit from the privately held entity.
