Shriram Transport Finance Company Ltd (STFC), the non-banking finance company (NBFC), on Tuesday said it had received an approval from the Competition Commission of India (CCI) for its merger with Shriram City Union Finance Company.

The company said in a regulatory filing that the approval from the CCI came on August 1.

In December last year, the Shriram group had announced the merger of Shriram Capital Ltd (SCL) and Shriram City Union Finance Ltd (SCUF) with STFC.

“With this, we have now received approvals for the merger of Shriram City with Shriram Transport Finance from Sebi, BSE, NSE, shareholders, secured creditors, unsecured creditors, the CCI and the Insurance Regulatory & Development Authority and the Reserve Bank of India and now only await the final go ahead from the National Company Law Tribunal (NCLT),” STFC’s vice-chairman and managing director Umesh Revankar said in a statement.

In preparation to commencing operations in the merged entity, the group has launched the pilot business as a combined entity across over 550 branches in all five geographical units, he added. The merged entity will be known as Shriram Finance Ltd.

IDFC plan

The Competition Commission of India (CCI) on Tuesday approved the proposed Rs 4,500 crore deal wherein the Bandhan Financial Holdings-led consortium will buy stakes in IDFC Asset Management and IDFC AMC Trustee.

The consortium includes private equity firm Chrys Capital and Singapore’s sovereign fund GIC.

The transaction includes the acquisition of a 99.96 per cent stake in IDFC Asset Management Company Ltd and 100 per cent shareholding in IDFC AMC Trustee.