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UPDATE:NVP invests over Rs 120-cr in Shriram City, owns 8% stake

Norwest Venture Partners (NVP), today said that it has invested over Rs 120-crore into Shriram City Union Finance Limited through a secondary-market block purchase of shares in the company. As a result, NVP will own an equity stake of over 8 per cent in Shriram City, the retail finance arm of the Shriram Group, a press release issued here said. Cox & Kings Q3 net jumps 88% to Rs 19 cr UCO Bank seeks shareholders" nod for fund raising Negative view on state-run oil cos: Fitch Jan cement sales in high double-digit "Shriram City is extremely well-regarded in the industry and has a proven track-record and expertise in the financial sector to capitalise on this vast macro-opportunity," Shah added. Shriram City is a part of the Chennai-based Shriram group and is today one of the country"s leading financial services company, specialising in small-ticket retail finance. Over the last couple of years, various private equity investors like Asia Bridge, Bessemer, Cambridge, Chrys Capital, Merrill Lynch, ICICI Ventures and TPG Capital, have invested in the company.


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