Piramal Enterprises is set to divest its complete 20% stake in Shriram Investment Holdings Private Limited to Shriram Ownership Trust for Rs 1,440 crore. The transaction is anticipated to conclude by the end of the current financial year, aligning with Piramal’s strategy to monetize non-core assets. The company highlighted that the sale would enhance its balance sheet. The share purchase agreement governing the transaction is contingent upon obtaining necessary regulatory approvals from Shriram Ownership Trust. Piramal Enterprises clarified that in the fiscal year ending March 31, 2023, Shriram Investment Holdings Private Limited made no revenue contribution to Piramal Enterprises. Shriram Ownership Trust, the buyer, serves as the promoter of Shriram Capital Private Limited, the overarching holding company for the Shriram Group. Importantly, Piramal Enterprises emphasized that Shriram Ownership Trust is not affiliated with any of its promoters, the promoter group, or group companies, ensuring that the transaction falls outside the realm of related party dealings. It is worth noting that in June 2023, Piramal Enterprises divested its entire stake in Shriram Finance for approximately Rs 4,823 crore through block deals, as per available block deal data from the exchanges, reflecting the sale of 3.12 crore shares or an 8.34% stake in the company.
