Shriram Group plans to raise ₹2,000-2,400 crore in debt to buy Piramal Enterprises stake in Shriram Investment Holdings. Piramal Enterprises fully exits Shriram Group after selling its stake in Shriram Finance.
India Business News: NEW DELHI: Piramal Pharma, the demerged pharma subsidiary of the Ajay Piramal-promoted Piramal Enterprises, expects to grow in high mid-teens during t.
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DHFL race: Piramal holds edge over Oaktree due to higher upfront cash, insurance tangle for foreign firms
Piramal Enterprises offers at least Rs 1,000 crore higher upfront payment than US asset manager Oaktree for DHFL in fourth round of auction. India’s FDI laws complicate Oaktree bid as DHFL has an insurance business.
DHFL (File Image: PTI)
Ajay Piramal-led Piramal Enterprises has edged out rival suitor Oaktree Capital in the auction to purchase the assets of Diwan Housing Finance Ltd (DHFL) by submitting the highest upfront cash payment, the bidding proposition preferred by the bankrupt company’s lenders.
Piramal Enterprises, a diversified conglomerate, offered Rs 12,700 crore as cash upfront trumping the Rs 11,646 crore offer from American asset manager Oaktree, multiple persons familiar with the matter told Moneycontrol. Piramal and Oaktree trumped Adani Properties, the remaining suitor in the fray, in the fourth round of bids on Monday.