Piramal To Sell Entire 20% Stake In Shriram Investment For $173 Mln

Piramal Enterprises agrees to sell the stake in Shriram Investment Holdings to Shriram Ownership Trust
Piramal To Sell Entire 20% Stake In Shriram Investment For $173 Mln

Piramal Enterprises Ltd. agreed to sell its entire 20% stake in Shriram Investment Holdings Private Ltd. to Shriram Ownership Trust (SOT) for 1,440 crore Indian rupees ($173 million).

“This transaction is aligned with our focus on monetizing non-core assets,” the Indian conglomerate said in a stock exchange announcement. “The proceeds from the transaction will further strengthen our balance sheet.”

The transaction, subject to requisite regulatory approvals, is expected to be completed before 31 March 2024.

SOT is the promoter of Shriram Capital Private Ltd., which is the overarching holding company of Shriram Group, according to the statement.

Note: $1 = 83.1297 Indian rupees

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