Shriram Asset Management Company has received approval from the shareholders to raise Rs 10 crore through issuance of non-convertible preference shares on private placement basis.
The asset management company (AMC) is part of the Rs 90,000 crore financial conglomerate Shriram Group.
Shriram Credit Company is the sponsor of Shriram AMC and holds 68.67 per cent stake in the entity.
"Shareholders of Shriram AMC at their annual general meeting held recently authorised the board to issue further capital of Rs 10 crore by way of private placement (of redeemable non-convertible preference shares)," the company said in a statement.
Noting that AMC business is of strategic importance to the group, Shriram AMC marketing and sales head D Ramanathan said the firm "would launch differentiated products that would complement investor's portfolio".
"Our in depth research capabilities coupled with stock picking abilities has offered superior risk adjusted returns in our current scheme - Shriram Equity & Debt Opportunities Fund," Ramanathan added.
