Mumbai (Maharashtra) [India], June 25 (ANI): Piramal Enterprises is looking to sell its entire 20 per cent stake in Shriram Capital, the financial services arm of the Shriram group.
The plan intends to raise growth capital for its financial services vertical.
"As a part of the long term strategy of the company to fund the growth of its financial services business, the company is evaluating the feasibility of sale of the entire (effective 20 per cent) stake held by the company in Shriram Capital Limited," the company in a statement.
The proposed transaction will be subject to receipt of necessary approvals, including the approval of the company's board of directors at the appropriate stage, Piramal added.
Piramal had acquired a 20 per cent stake in Shriram Capital in 2014 for Rs 2,014 crore. Details on the proposed sale in terms of valuation are still awaited.
Earlier this month, the company had sold 9.96 per cent stake in Shriram Transport Finance in the secondary market. Further, Piramal Enterprises has 10 per cent stake in Shriram City Union, a retail-focused non-banking finance firm.