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 share purchase 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 the 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. On June 21, 2023, Piramal had sold its entire 8.3% stake in Shriram Finance Ltd. via multiple block deals for an aggregate amount of Rs 4,824 crore.
The Ajay Piramal-led company will be reporting its quarterly earnings on Monday, with analysts polled by Bloomberg estimating a revenue of Rs 994.3 crore revenue and net profit of Rs 151.6 crore.
Shares of Piramal had closed 0.73% higher at Rs 873.55 apiece on the BSE, compared to a 0.51% decline in the benchmark Sensex on Thursday.
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