New Delhi, Dec. 19 -- Shares of non-banking finance company (NBFC), Shriram Finance, jumped nearly 5% to hit a fresh record high on Friday, December 19, after the company informed exchanges that Japan's Mitsubishi UFJ Financial Group will pick up a substantial stake in the company.

Shriram Finance share price hit the day's high of Rs.911.35 on the BSE following the announcement, up 4.8% over its last closing price of Rs.869.20.

MUFG will buy a 20% stake in Shriram Finance for $4.4 billion ( Rs.39,618 crore). This not only marks the largest cross-border investment in India's financial sector but also adds to the list of investments by Japanese companies in domestic lenders.

Earlier this year, Mizuho made a majority investment in Avendus...