Piramal to sell 20 per cent stake in Shriram Invest
BENGALURU: Piramal Enterprises will sell its entire stake in Shriram Investment Holdings to Shriram Ownership Trust for R1,440 crore. In an exchange filing, it said the company has entered into share purchase agreement on Saturday to sell its entire direct investment of 20% of the fully paid-up equity share capital held in Shriram Investment Holdings Private Limited (formerly known as Shriram Investment Holdings Limited) to Shriram Ownership Trust( SOT) for a consideration of R 1,440 crore.
The Transaction is subject to receipt of requisite regulatory approvals by SOT and expected to be completed prior to March 31, 2024. “This Transaction is aligned with our focus on monetizing non-core assets. The proceeds from the Transaction will further strengthen our balance sheet,” it added.
SOT is the promoter of Shriram Capital Private Limited, which is the overarching holding company of Shriram Group.