Piramal Enterprises has decided to sell its entire stake in Shriram Investment Holdings Private Limited (SIHPL) to Shriram Ownership Trust (SOT) for a consideration of ₹1,440 crore. In June last year, the firm had sold its entire 8.3 per cent stake it held in Shriram Finance through multiple block deals worth ₹4,824 crore.
The transaction is subject to receipt of requisite regulatory approvals by SOT and expected to be completed prior to March 31, 2024. The contribution of SIHPL in the revenue of the Company for the year ended March 31, 2023 was Nil.
“This Transaction is aligned with our focus on monetizing non-core assets. The proceeds from the transaction will further strengthen our balance sheet,” Piramal said in a stock exchange filing.