About 31 million shares worth Rs 4,832 crore have been offered by the company to institutional investors.
The shares of Piramal Enterprises were up 6 per cent to Rs 838 per share.
With this, Piramal owns a 13.33 per cent stake in Shriram General Insurance Company and 14.91 per cent in Shriram Life Insurance Company.
Piramal had acquired a 10 per cent stake in Shriram Transport Finance in 2013 for Rs 1636 crore and a year later acquired a 20 per cent stake in Shriram Capital for Rs 2014 crore and a 10 per cent stake in Shriram City Union Finance for Rs 790 crore in the same year.
In its annual report for 2023, Piramal said it has started the process to identify potential buyers for its associate investments: Shriram Li Holdings, Shriram Gi Holdings, and Shriram Investment Holdings.
The Chennai-headquartered promoters currently own a 25.1 per cent stake in Shriram Finance, while Piramal Group owns an 8.3 per cent stake, according to National Stock Exchange data. The group has listed its pharmaceutical business separately after hiving it from the parent company.
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