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)