The logo of Sanlam, South Africa’s largest asset manager.
| Photo Credit: Reuters

Shriram Asset Management Company Limited (Shriram AMC), part of the Shriram Group, has announced that Sanlam, South Africa’s largest asset manager with $80 billion has now become its co-promoter.

Shriram AMC said it has completed a preferential allotment of 38.89 lakh equity shares to Sanlam Emerging Markets (Mauritius) Ltd (SEMM), raising ₹105 crore in growth capital.

Also read | Sanlam group hikes stake in Shriram Insurance firms

With this allotment and the mandatory open offers, SEMM now holds a 23% direct stake in India’s first listed AMC and joins as a co-promoter alongside existing promoter Shriram Credit Company Ltd (SCCL).

As a result, total promoter shareholding has increased from 62.55% to 71.17%, and Shriram AMC’s Board will be reconstituted to include Sanlam’s representatives.

Kartik Jain, MD & CEO, Shriram AMC, said, “Leveraging its expertise in both quantitative and fundamental analysis, Sanlam will enhance the sophistication of Shriram AMC’s investment processes and help deliver relevant and differentiated investment solutions to the right customer segments.”

Carl Roothman, CEO of Sanlam Investments, Sanlam’s asset manager, said, “We see India as a strategic growth market, and our partnership with Shriram AMC reflects our commitment to co-creating investment excellence, particularly in emerging markets.”

“With over two decades of successful collaboration between the Shriram Group and Sanlam, this partnership builds on a long-standing legacy of trust, and a mutual vision to create impactful investments that benefit society,” he added.

Shriram Group had previously secured an investment from Mission1 Investments LLC, which acquired a 23% stake in Shriram AMC in 2022. Building on that momentum, the Group said it “is now deepening its AMC business with Sanlam’s strategic investment, reaffirming its commitment to creating a future-ready and inclusive asset management platform.”