Piramal Enterprises Unit To Buy 10.4% Stake In Annapurna Finance For Rs 300 Crore
The transaction is expected to be completed before March 31.
Piramal Enterprises' unit, Piramal Alternatives Trust, has agreed to buy 10.39% stake in Annapurna Finance Pvt. for Rs 300 crore through a mix of equity and debt.
"In line with its investment objective", the company will acquire 10.39% stake in Annapurna Finance for Rs 300 crore via equity shares and subscription to optionally convertible debentures of Rs 300 crore, it said in an exchange filing on Thursday.
The transaction is expected to be completed before March 31.
Annapurna Finance has asset under management of Rs 9,233 crore, as of September 2023, and is one of the top 10 microfinance institutions in India. In the last three years, the MFI's AUM has grown at a compound annual growth rate of 29%, with a total income of Rs 1,570 crore in FY23.
Shares of Piramal Enterprises closed 1.49% higher at Rs 867.2 apiece, as compared with a 0.98% advance in the benchmark BSE Sensex.
