Piramal to acquire 10% stake in Shriram City for Rs 790 cr
Piramal Enterprises, promoted by Ajay Piramal, today proposed to acquire 9.99% stake in NBFC firm Shriram City Union Finance for about Rs 790 crore.Piramal Enterprises has agreed to acquire 65.8 lakh shares for cash on preferential basis at a price of Rs 1,200 per share of Shriram City Union Finance.
This represents 9.99% of the post-diluted equity share capital, Shriram City Union Finance said in filing to the BSE.
Shares of Shriram City Union Finance closed at Rs 1,183.05 per unit, up 5.11% on the BSE.
It has been decided to hold an extraordinary general meeting of shareholders on May 30 to seek approval for selling 10 per cent stake, the filing said.
Shriram City Union Finance is a deposit-accepting non-banking financial company (NBFC) specialising in retail finance. With assets u...