Chennai, Dec 13 (TIWN) In a composite scheme of arrangement and amalgamation, the Shriram Group's two non-banking finance companies (NBFC) - Shriram City Union Finance Ltd, and Shriram Capital Ltd (unlisted) - will merge with another listed company Shriram Transport Finance Ltd, the group said.

The boards of three companies, Shriram Transport Finance (STFC), Shriram City Union Finance ( SCUF) and their promoter Shriram Capital ( SCL) have approved the merger of SCL and SCUF with STFC, the release said.  The merged entity, to be known as Shriram Finance Ltd, will be the largest retail finance NBFC in the country, it stated.  The merged entity would have a combined asset under management of Rs 1.5 lakh crore, the company said in a release.  The merger is subject to the approval of shareholders of SCL, SCUF and STFC respectively and other regulatory approvals.  The board meetings of the three companies were held on December 13. PTI HV MR