On May 27, 2022, Shriram Asset Management Company Limited closed the transaction. The company has amended the terms of the transaction and issued 500,000,000 Compulsorily Convertible Preference Shares for gross proceeds of INR 500,000,000 to Shriram Credit Company Limited and 18,800 Compulsorily Convertible Debentures for gross proceeds of INR 188,000,000 and 1,481,885 for gross proceeds of INR 46,049,576.375. The company has received INR 734,049,576.375 in the transaction.

The transaction has been approved by board of directors of the company. The securities are subject to lock-in restrictions.