Piramal Enterprises Ltd. will divest the entire 20% stake it holds in Shriram Investment Holdings Pvt. to Shriram Ownership Trust for Rs 1,440 crore.
The purchase of share agreement on Saturday is aligned with the non-banking financial company’s focus on monetising non-core assets, according to an exchange filing. “The proceeds from the transaction will further strengthen our balance sheet.”
The sale of 20% stake to SOT – which is the promoter of Shriram Capital Pvt., the holding company of Shriram Group – is expected to be completed by March 31, subject to regulatory approvals.
The transaction is the company’s second major divestment of stake held in Shriram Group. Earlier in June, Piramal had sold its entire stake of 8.3% in Shriram Finance Ltd, for an aggregate amount of Rs 4,824 crore, via multiple block deals.
