The transaction is the company's second major divestment of stake held in Shriram Group. On June 21, 2023, Piramal had sold its entire 8.3% stake in Shriram Finance Ltd. via multiple block deals for an aggregate amount of Rs 4,824 crore.
The Ajay Piramal-led company will be reporting its quarterly earnings on Monday, with analysts polled by Bloomberg estimating a revenue of Rs 994.3 crore revenue and net profit of Rs 151.6 crore.
Shares of Piramal had closed 0.73% higher at Rs 873.55 apiece on the BSE, compared to a 0.51% decline in the benchmark Sensex on Thursday.
Piramal Enterprises To Sell Entire Stake In Shriram Investment For Rs 1,440 Crore - NDTV Profit
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