Piramal Enterprises witnessed a 3% surge in its shares, reaching Rs 901 on January 29, marking the third consecutive session of gains. The uptick follows the company’s decision to divest its entire shareholding in Shriram Investment Holdings to Shriram Ownership Trust, with a total consideration of Rs 1,440 crore.
Under the terms of a share purchase agreement, Piramal Enterprises will divest its complete direct investment, constituting 20% of the fully paid-up equity share capital in Shriram Investment Holdings. However, the success of this stake sale is contingent upon approval from Shriram Ownership Trust, the promoter of Shriram Capital, which serves as the holding company of the Shriram Group.
As of 9:37 am, Piramal Enterprises shares were trading at ₹880.45, reflecting continued market activity and investor interest in light of the strategic divestment move.
