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Prabhudas Lilladher Report
The merger of Shriram Capital Ltd. and Shriram City Union Finance Ltd. into Shriram Transport Finance Company Ltd. throws a mixed picture characterised by-
tad expensive deal for Shriram Transport Finance (swap ratio Shriram Transport Finance: Shriram City =1.55:1 versus expectation of 3:1),
inclination largely towards providing exit to private equity players (Piramal Enterprises Ltd. and TPG Capital: post-merger holdings: 8.4%/2.7% respectively),
key management changes (Mr. Revankar to be Vice President and Mr. Chakravarti Managing Director of merged entity),
negligible commonality on product portfolios entailing higher costs and time and
challenges with-respect-to business synergies, employee, culture and maintaining investor confidence.
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