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Bond Market News
MUFG in Talks for 20% Stake in Shriram Finance, Report Suggests; Shriram Refutes Claims
October 1, 2025
Japan’s MUFJ Financial Group was said to be in talks to acquire a 20% stake in India’s Shriram Finance, as per an initial report from the Economic Times. The potential deal, valued at about $2.6bn, could possibly mark the largest foreign direct investment in the history of India’s NBFC sector. The report also suggested that MUFJ is not averse to taking a higher stake in the company or even a controlling interest, over time. The investment structure is anticipated to involve a primary issuance of shares via preferential allotment. The move aligns with MUFG’s strategy to significantly boost its presence and achieve higher growth in the Indian financial landscape. By investing in Shriram Finance, which holds a strong portfolio across commercial vehicle, gold, and MSME loans, MUFG would likely gain critical entry into the lucrative Indian retail lending market. However, as per a more recent update, Shriram Finance refuted the report claiming that it was a rumor and speculation.
Shriram’s 6.15% 2028s were trading stable at 101.8, yielding 5.3%. MUFJ’s 3.967% 2030s were also trading steady at 97.3, yielding 4.6%.
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