Piramal Enterprises to acquire 9.99% stake in SCUFL

Piramal Enterprises has agreed to acquire 65,79,840 equity shares in Shriram City Union Finance (SCUFL), representing 9.99% of the post-diluted equity share capital of SCUFL, by way of subscription to fresh shares pursuant to a preferential allotment by SCUFL. The company had recently agreed to acquire an effective 20% equity stake in Shriram Capital, a financial services company, for an aggregate consideration of Rs 2,014 crore. Shriram Capital (SCL) is the overarching holding company for the financial services and insurance entities of the Shriram Group, created with the primary objective of optimizing the synergies across the group’s entities. Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.