Overview

• Shriram Finance said in an NSE-BSE filing it is unaware of any stake-sale talks and that no shareholder has expressed an intent to sell shares.
• Earlier media coverage had reported MUFG was in advanced discussions to buy about 20% via a preferential allotment for roughly Rs 23,000 crore, a claim the company called a rumour.
• The reported deal structure was unconfirmed by either party, and no statement from MUFG was cited in the coverage.
• Shares rose as much as about 3.7% intraday before ending roughly 1% higher, according to local market reports.
• Morgan Stanley retained an overweight rating with a Rs 785 target, as coverage also noted promoters at 25.39% and foreign ownership near 52.61%.