Wadia Ghandy and Co., AZB & Partners, Nishimura & Asahi along with Khaitan & Co advised on Shriram Finance Limited’s preferential allotment of equity shares to MUFG Bank Limited, pursuant to which MUFG has acquired a 20% stake in the company for a consideration of approximately USD 4.4 billion (₹39,620 crore). This is the largest FDI in India’s finance sector.

Wadia Ghandy & Co. advised Shriram Finance Limited and its promoters on the proposed preferential allotment of equity shares to MUFG Bank Limited, marking one of the largest primary investments in India’s financial services sector. The closing is subject to completion of conditions precedent including CCl approval.

This transaction not only reinforces global confidence in India’s financial sector but also sets a new standard in capacity building in the NBFC space.

The transaction was led by Deputy Managing Partner Nihas Basheer, with Partners Sriram Ramachandran, Karishma Baria, and Ayush Srivastava.

AZB & Partners represented Japan’s MUFG Bank on its proposed investment in Shriram Finance, involving an approx. USD 4.4 billion primary investment for a 20% stake.

The deal team comprised Senior Partners Vaidhyanadhan lyer and Gautam Ganjawala, Partners Jeet Chaudhuri and Bhargavy Ramesh, Senior Associates Karun Jhangiani, Priyasha Goyal and Priya Venkatesan, Associates Freya Irani and Shefali Deshmukh.

They were supported on the due diligence by Partners Ajay Singh Solanki, Malini Raju, Nandan Pendsey and Counsel Arun Babu, Senior Associates Avani Jain, Prannathi Ajith Kumar, Sanghamitra Sengupta, Ankit Dutta, Associates Manhar Chaudhary, Shraddha Sethia, Avani Laad, Gaurav Jayakumar, Kinjal Parikh, Rudra Prasad, Tamanna., Ayush Tripathi, Apurva Vats, Pia Tripathi, Meghna Mittal and Tarini Mehtani, and on tax aspects by Senior Partners Suresh Varanasi and Deepak Chopra, Partners Aditya Singh Chandel and Ankul Goyal, Senior Associates Sarvagya Bilgaiyan and Suhail Bansal, Associates Adwiteya Grover and Akshat Jain.

Co-Founder & Managing Partner Zia Mody, Senior Partner Rajendra Barot, Senior Associate Harshit Jaiswal and Associate Ruhaan Shah gave their inputs on strategy and structure.

Nishimura & Asahi (Gaikokuho Kyodo Jigyo) acted as Japanese legal advisor to MUFG Bank Limited.

Khaitan & Co. advised the Promoters of Shriram Finance Ltd, the Sanlam Group on preferential allotment of $4.4 billion to MUFG. The transaction team comprising Rabindra Jhunjhunwala, Abhishek Dadoo, Harsh Khemka, Gaurang Mansinghka, Niyati Karia, and Vaishnavi Salimath.