Shriram Transport Finance gets shareholders' approval for merger with SCUF

Shriram Transport Finance, which is part of the Shriram Group, now awaits approval from Shriram City Union Finance shareholders and creditors and NCLT, CCI and Irdai

Shriram Transport Finance Company (STFC), India’s largest commercial vehicle financer, has got approval from equity shareholders and creditors for the company’s merger with Shriram City Union Finance (SCUF).

Of the total final votes, 97 per cent equity shareholders and 99 per cent of secured and unsecured creditors supported the merger, according to the count at a meeting convened by the National Company Law Tribunal (NCLT) on July 4.

The approval marks the completion of one of the few remaining closing conditions for the merger. The company, which is part of the Shriram Group, now awaits approval from SCUF shareholders