Piramal Enterprises is reportedly planning to sell its entire 8.34% stake in Shriram Finance via a block deal. The deal is expected to fetch the company around Rs 1,483 crore.
In 2018, Piramal Enterprises acquired the stake in Shriram Finance as part of a consortium that included TPG Capital. The consortium obtained a majority stake in Shriram Finance in a Rs 42,000 crore deal.
Shriram Finance is an NBFC (non-banking financial company) that offers loans to SMEs and other borrowers, with a market capitalization of around Rs 54,000 crore.
The sale of Piramal Enterprises’ stake in Shriram Finance is a sign that the company is looking to exit the NBFC sector. Piramal Enterprises has been focusing on its pharmaceutical and financial services businesses in recent years.
The block deal is expected to be completed in the next few weeks. The proceeds from the sale will be used to fund Piramal Enterprises’ other businesses.
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Here are some key details regarding the proposed deal:
- Piramal Enterprises plans to sell its entire 8.34% stake in Shriram Finance.
- The deal is projected to generate around Rs 1,483 crore for the company.
- Completion of the sale is expected within the next few weeks.
- The funds obtained from the sale will be utilized to support Piramal Enterprises’ other business activities.
