Economic Times has reported that Sanlam is negotiating to buy an additional stake in Shriram Capital. Sanlam already owns 26% of Shriram and it represents something around 10% of their valuation. The sale coincides with an exit from TPG Capital, a 10% Shriram shareholder. According to the Economic Times, the deal is valued between R2.8bn and R3bn. Softer ZAR is driving this trade short, and with a moody's outlook possibly falling to negative we could expect price to fall in a range between R77 and R74 in the short term.