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Piramal looking to consolidate hold over Shriram Group

10 January, 2017 2:46 AM
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Piramal looking to consolidate hold over Shriram Group

Ajay Piramal is likely to raise his stake in Shriram Capital to one-thirds from one-fifths, reports The Economic Times. The Piramal Enterprises Chairman will also be naming an executive as the CEO.

Ajay Piramal is likely to raise his stake in Shriram Capital to one-thirds from one-fifths, reports The Economic Times . The Piramal Enterprises Chairman will also be naming an executive as the CEO.

The raise in shareholding will lead to the merger of financial services business of PEL with the holding company of Shriram Group. The merged entity will be one of India's largest nonbanking financial companies, and throw open more opportunities to tap cheaper capital and bring down the leverage ratio.

The newspaper also reports that Rajesh Laddha, the Chief Financial Officer of Piramal Group, looks set to take charge as Shriram Capital CEO.

Source: moneycontrol.com

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