BENGALURU, May 13 (Reuters) -

India's Shriram Finance said on Monday it will sell its entire stake in housing finance unit Shriram Housing Finance to U.S. private equity firm Warburg Pincus in a deal valued at 46.30 billion rupees ($554.59 million).

Warburg Pincus, through its affiliate Mango Crest Investment, will now fully own the unit, having also acquired the stake held by the private equity firm Valiant Partners.

Shriram Finance will receive a minimum of 39.10 billion rupees for the unit, with additional amounts contingent on specified events.

After the deal, Shriram Housing Finance will operate as a standalone entity, with Ravi Subramanian continuing as Managing Director and Chief Executive Officer of the housing finance unit.

($1 = 83.4846 Indian rupees) (Reporting by Ashna Teresa Britto; Editing by Pooja Desai and Tasim Zahid)