Billionaire Ajay Piramal is planning to strengthen the presence in country's financial services business and may acquire 20 per cent stake in Shriram Capital for Rs 1,900 crore, according to an Economic Times report.
The report said that Shriram Capital will sell a mix of old and new shares to Piramal. The deal may see Shriram Ownership Trust offloading some of its stake to Piramal.
Shriram Ownership Trust owns a 64 per cent stake in the Shriram Capital while 26 per cent is held by strategic partner Sanlam financial services group of South Africa and 10 per cent by American private equity fund TPG Capital, said the report.
Sources close to the development told ET that Piramal has been trying to enter this business through a strategic investment instead of creating an organization from scratch.
The development comes at a time when Piramal Group has been trying to exit Rs 5,900-crore Vodafone India investment made over 2011 and 2012 that is seen yielding a 17-20 per cent return.
Also, Shriram Capital has applied for banking licence with Reserve Bank of India (RBI) and will float a non-operative holding finance company (NOHFC) for the bank.
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