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India's Shriram Finance rises on report MUFG considers majority control

By Reuters Newsan hour ago Updated

** Shares of India's Shriram Finance SHMF.NS rise 6.05% to 984.65 rupees

** Stock rises after Bloomberg News reports that Japan's Mitsubishi UFJ Financial Group (MUFG) 8306.T is exploring ways to gain majority control of Shriram Finance

** MUFG is in early stages of considering raising its stake in Shriram Finance to more than 50% from about 20% currently, the report said, citing people familiar with the matter

** The Japanese lender may need to invest more than $10 billion to gain control, though it has not set a firm timeline for potential deal, according to the report

** MUFG and Shriram Finance did not immediately respond to Reuters requests for comment

** Last December, MUFG agreed to acquire 20% stake in Shriram Finance for $4.4 billion, marking the largest cross-border investment in India's financial sector at the time

** SHMF stock up 72.40%, YTD

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