“This transaction is aligned with our focus on monetizing non-core assets. The proceeds from the transaction will further strengthen our balance sheet,” Piramal Enterprises informed exchanges in a January 27 filing.
The transaction, which will be conducted through a share purchase agreement, is subject to the receipt of requisite regulatory approvals by Shriram Ownership Trust, Piramal Enterprises said.
In the year ended March 31, 2023, the contribution of Shriram Investment Holdings Private Limited in the revenue of Piramal Enterprises was nil, the latter said in its exchange filing.
AgenciesShriram Ownership Trust is the promoter of Shriram Capital Private Limited, which is the overarching holding company of the Shriram Group.Piramal Enterprises specified that Shriram Ownership Trust does not belong to any of its promoter, promoter group or group companies and that the transaction does not fall within related party transactions.
In June 2023, Piramal Enterprises sold its entire stake in Shriram Finance for about Rs 4,823 crore through block deals. Block deal data available with the exchanges showed that Piramal had offloaded 3.12 crore shares or 8.34% stake in the company.
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