10% stake bought by Piramal in Shriram City
A 9.99% stake was acquired by the Piramal Enterprises in Shriram City Union Finance. During one of the statements to stock exchange, Piramal based in Mumbai has mentioned that it bought a whole lot of shares of Shriram city with a considerable sum allotted for each piece. There was also a marginal discount made by the allotment at the present market price of the Shriram City scrip.
A third acquisition was made by Piramal in the last one year. A large sum of money was invested in order to pick up a stake of 9.9% in Shriram Transport Finance Co which happens to be one of the NFBC’s listed of the Shriram Group. Around this year in April, there was a 20% equity bought by Primal in Shriram Capital.
The managing direction of Shriram City, GS Sundarajan told Business Line in the month of January that the Piramal Enterprises is focusing on becoming an investor in the Shriram Group. They are also quite interested to end its dependence on the players of Private Equity for the purpose of funding and depending more upon the investors.
Source – R Yega Narayan
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