Shriram Finance announced Wednesday that its shareholders have approved three proposals connected to its pending agreement with Japan’s MUFG. The approvals represent a significant step forward in the process of integrating the two financial institutions.

The proposals, detailed in previous filings, pertain to aspects of the deal structure and regulatory requirements. While the specifics of those proposals weren't immediately released, their passage indicates shareholder support for the overall transaction. Shriram Finance did not elaborate on the implications of the vote beyond confirming its completion.

The deal between Shriram Finance and MUFG, initially announced earlier this year, aims to create a stronger financial services entity in India. MUFG, a major Japanese banking group, is acquiring a significant stake in Shriram Finance. The transaction is subject to regulatory approvals and other customary closing conditions. The agreement seeks to leverage Shriram Finance’s extensive presence in rural and semi-urban India, combined with MUFG’s global financial expertise.

Shriram Finance is a leading non-bank lender in India, specializing in vehicle finance, loans to small and medium enterprises (SMEs), and gold loans. The partnership with MUFG is expected to enhance Shriram Finance's capabilities and broaden its reach within the Indian market. Further details regarding the finalized agreement and integration process are expected to be released as the deal progresses through the regulatory approval process.