MUMBAI: Piramal Enterprises has introduced the sale of its 20% direct funding in Shriram Funding Holdings to Shriram Possession Belief (‘SOT’) for Rs. 1,440 crore. The transaction is contingent on SOT acquiring regulatory approvals and is anticipated to conclude by March 31, 2024.
“The contribution of SIHPL to the corporate’s income for the 12 months ending March 31, 2023, was nil.This transaction aligns with our deal with monetizing non-core property, strengthening our stability sheet,” acknowledged Piramal Enterprises in an trade submitting.
Piramal entered a strategic partnership with Shriram Group in 2013 after promoting its pharmaceutical enterprise in India to Abbott Laboratories for Rs 17,000 crore. With a portion of the proceeds, Piramal invested Rs 4,583 crore in three firms of the Shriram Group. SOT serves because the promoter of Shriram Capital, the overarching holding firm of Shriram Group, acknowledged for its numerous monetary merchandise. Importantly, SOT has no affiliation with our firm’s promoters, promoter teams, or group firms. Moreover, the transaction doesn’t fall underneath associated get together transactions.
In Might 2013, Rs 1,636 crore was utilized to purchase a 9.9% possession in Shriram Transport Finance. In April 2014, Rs 2,014 crore was invested to acquire a 20% possession in Shriram Capital. In Nov 2022, entities of the Shriram Group merged to kind Shriram Finance. In June 2023, Piramal Ent divested its 8.34% stake in Shriram Finance.
“The contribution of SIHPL to the corporate’s income for the 12 months ending March 31, 2023, was nil.This transaction aligns with our deal with monetizing non-core property, strengthening our stability sheet,” acknowledged Piramal Enterprises in an trade submitting.
Piramal entered a strategic partnership with Shriram Group in 2013 after promoting its pharmaceutical enterprise in India to Abbott Laboratories for Rs 17,000 crore. With a portion of the proceeds, Piramal invested Rs 4,583 crore in three firms of the Shriram Group. SOT serves because the promoter of Shriram Capital, the overarching holding firm of Shriram Group, acknowledged for its numerous monetary merchandise. Importantly, SOT has no affiliation with our firm’s promoters, promoter teams, or group firms. Moreover, the transaction doesn’t fall underneath associated get together transactions.
In Might 2013, Rs 1,636 crore was utilized to purchase a 9.9% possession in Shriram Transport Finance. In April 2014, Rs 2,014 crore was invested to acquire a 20% possession in Shriram Capital. In Nov 2022, entities of the Shriram Group merged to kind Shriram Finance. In June 2023, Piramal Ent divested its 8.34% stake in Shriram Finance.
