Piramal Enterprises has determined to promote its whole stake in Shriram Funding Holdings Non-public Restricted (SIHPL) to Shriram Possession Belief (SOT) for a consideration of ₹1,440 crore. In June final 12 months, the agency had offered its whole 8.3 per cent stake it held in Shriram Finance by means of a number of block offers price ₹4,824 crore.
The transaction is topic to receipt of requisite regulatory approvals by SOT and anticipated to be accomplished previous to March 31, 2024. The contribution of SIHPL within the income of the Firm for the 12 months ended March 31, 2023 was Nil.
“This Transaction is aligned with our deal with monetizing non-core belongings. The proceeds from the transaction will additional strengthen our stability sheet,” Piramal mentioned in a inventory change submitting.
#Piramal #Enterprises #promote #stake #Shriram #Funding #crore