,STFC) said on Wednesday that it has received approval for its merger from its equity shareholders and creditors (hood) Chennai based diversified financial services company Shriram GroupIn December last year, announced the merger of Shriram Capital Limited with (SCL) and (SCUF) Shriram Transport Finance Limited (STFC).

Of the total final votes, 97 per cent equity shareholders, and 99 per cent secured and unsecured creditors were in favor of the deal. National Company Law Tribunal (NCLT) convened the meeting on July 4, 2022, a release said.

“With shareholders and creditors out of the way, there are only a few more steps left before the deal closes. We are nearing the beginning of a new era for Shriram, where we are building a significantly diversified loan book, Which may face “testing of the economic and credit cycle from the growth and asset quality paradigm,” Umesh Revankar, vice-chairman and managing director, STFC, said in the release.

The approval of shareholders and creditors marks the completion of one of the few remaining closing conditions for the merger. The company is now awaiting approval from SCUF shareholders and creditors and NCLT, CCI and IRDA.

Last month, the group said it has got approval for merger of SCL and SCUF with STFC reserve Bank of India ,reserve Bank of India,

The merged entity will be known as

Ltd. and will be the country’s largest retail finance non-banking finance company (NBFC).