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Piramal Enterprises said it is looking at selling its entire 20 per cent stake in Shriram Capital. The move would be “part of the long-term strategy of the company to fund growth of its financial services business”, it said in a regulatory filing.
“The proposed transaction would be subject to receipt of necessary approvals, including the approval of the board of directors of the company at the appropriate stage, and necessary disclosures will be made by the company at the relevant time,” it further said. Earlier this month, Piramal Enterprises had sold its entire 10 per cent stake in Shriram Transport Finance for ₹2,300 crore.
Shares of Piramal Enterprises gained 2.96 per cent to ₹1,945.60 apiece on the BSE.
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