Shriram City Union Finance Ltd(Merged)

Shriram City Union Finance Limited is India's premier financial services company, specializing in retail finance. The Company is a part of Chennai-based Shriram Group, India's premier financial services chain. The Company is primarily engaged in financing small and medium enterprises, two-wheeler and pledged jewels. It also provides personal loans, auto loans, pre-owned two wheeler loans and loan against property. Presently, it operates with 986 branches across India. It has a distribution network of 3500. The Company has tie-ups with major dealers and top manufacturers across the country, giving them the advantage of quick payoffs and sanction of loans. They focus on semi urban and rural areas with products routed through either chit fund network of Shriram Chits or non chit fund network including dealers. Shriram City Union Finance Limited was incorporated on March 27, 1986 as a Private Limited Company under the name 'Shriram Hire Purchase Finance Private Limited'. The Company started their operations with truck financing. In October 29, 1988, the Company became a Public Limited Company and changed the name to Shriram Hire Purchase Finance Limited. In March 1990, City Union Bank Ltd acquired shareholding to the extent of Rs. 20 lakh (200,000 shares at par) after obtaining the necessary approvals from the Reserve Bank of India. Consequently, the name of the company was changed to Shriram City Union Finance Ltd. The company is registered as a deposit taking asset financing NBFC with RBI and went public in 1994. Prior to 2002, the company was exclusively engaged in transport finance with special emphasis on financing pre-owned commercial vehicles to small road transport operators. In the year 2002, the company discontinued the truck financing business (except for trucks > 10 year old), as that business was consolidated in its sister concern (viz. Shriram Transport Finance Ltd). Since then, the company product lines had expanded to include financing of consumer durables, two-wheelers, three-wheelers, tractors, commercial vehicles and non-commercial vehicles, personal loans and enterprise funding. In the year 2002, the company entered the business of consumer durables financing through a tie-up with ICICI Bank. During the year 2004-05, the company increased the production capacity of generation of power by wind mills from 7,800 kw to 12,800 kw. Also, their shares were listed on the National Stock Exchange with effect from April 4, 2005. During the year 2005-06, the company forayed into the customer finance segment. The company ceased to be a subsidiary of Shriram Financial Services Holding Pvt Ltd with effect from March 31, 2006, consequent to the transfer of 1,44,21,462 equity shares aggregating 53.22% of the paid up capital of the company to Shriram Enterprises Holding Pvt Ltd. Thus, the company became the subsidiary of Shriram Enterprise Holdings Pvt Ltd. In April 24, 2007, the company promoted a subsidiary company, namely Shriram Non Conventional Energy Ltd. During the year 2007-08, they divested the shares held in Shriram Non Conventional Energy Ltd, and thus Shriram Non Conventional Energy Ltd ceased to be a subsidiary company with effect from March 20, 2008. During the year 2008-09, the company transferred the Bio mass plant to Shriram Non Conventional Energy Ltd with effect from January 10, 2009 and making Shriram Non Conventional Energy Ltd as a wholly owned subsidiary company. This transfer is mainly to carry out only the core business of financing in the company. In July 2010, the company decided to set up a wholly owned subsidiary company for doing housing finance, mortgage finance, other related finances and such other activities as may be decided from time to time. In 2010, Shriram City Union Finance's net worth touched Rs 1000 crore. In 2011, Shriram City Union Finance launched its maiden debt public issue. Shriram City Union Finance's subsidiary Shriram Housing Finance Limited (SHFL) commenced operations in December 2011, which provided housing loans and loan against property. In 2014, Piramal Enterprises picked up 9.99% stake in Shriram City Union Finance at Rs 1200 per share through preferential allotment. In 2015, Shriram Housing Finance's assets under management crossed Rs 1000 crore. In 2016, Shriram City Union Finance became the largest two wheeler financer in the country based on volume. IDFC Group and Shriram Group signed an exclusivity agreement on 8 July 2017 to evaluate a potential combination of certain businesses and subsidiaries/affiliates/associate companies of Shriram Group engaged in credit and non-credit financial services sector with the IDFC Group. Accordingly, the exclusivity period was terminated with effect from 30 October 2017. During the period 2021-22, Board of Directors of the Company in its meeting held on December 13, 2021 have approved the Composite Scheme of Arrangement and Amalgamation for (i) the amalgamation of Shrilekha Business Consultancy Private Limited (SBCPL) with Shriram Capital Limited (SCL); (ii) demerger of that undertaking from SCL, which is carrying on the business of Financial Services, and the transfer and vesting thereof into Shriram Investment Holdings Limited (SIHL); (iii) demerger of those undertakings from SCL, which are carrying on the businesses of a) Life Insurance and b) General Insurance, and transfer and vesting of the same into a) Shriram LI Holdings Private Limited (SLIH), and b) Shriram GI Holdings Private Limited (SGIH) respectively; (iv) amalgamation of SCL (with its remaining undertaking and investments) with Shriram Transport Finance Company Limited (STFC); and (v) the amalgamation of Company with STFC.