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Bond Market News
MUFG to Acquire 20% Stake in Shriram Finance for $4.4bn
December 22, 2025
Japan’s Mitsubishi UFJ Financial Group (MUFG) will acquire a 20% stake in Shriram Finance for $4.4bn, marking the largest cross-border investment in India’s financial sector. The deal was already in the works and represents MUFG’s largest investment in India to date. Shriram Finance, owned 24.9% by the Shriram Group, noted that the transaction is still subject to regulatory approval. MUFG will be granted minority protection rights, including the ability to nominate up to two non-independent directors to the board, provided their stake remains above 10%. MUFG will also pay a one-time non-compete and non-solicit fee of $200mn to the Shriram Ownership Trust.
Shriram’s dollar bonds were trading stable with its 6.15% 2028s at 102.1, yielding 5.1%. MUFG’s dollar bonds were also trading stable with its 5.188% 2036s at 101.8, yielding 4.9%.
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