Piramal Enterprises has entered into share purchase agreement on January 27, 2024 to sell its entire direct investment of 20% of the fully paid-up equity share capital held in Shriram Investment Holdings (formerly known as Shriram Investment Holdings) (SIHPL) to Shriram Ownership Trust (SOT), for a consideration of Rs 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. The contribution of SIHPL in the revenue of the Company for the year ended March 31, 2023 was Nil. This Transaction is aligned with its focus on monetizing non-core assets. The proceeds from the Transaction will further strengthen company’s balance sheet.
SOT is the promoter of Shriram Capital, which is the overarching holding company of Shriram Group. Shriram Group offers a wide range of financial products in commercial vehicle financing, retail financing, chit funds, housing finance, life insurance, general insurance, stockbroking, distribution of financial products, and wealth advisory through its entities. SOT does not belong to any of the Company’s promoter /promoter group/ group companies. The Transaction does not fall within related party transactions.
Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.
