Private equity firm TPG and Ajay Piramal-led Piramal Group are on the verge of selling their combined stake of about 30% in Shriram General Insurance Holdings, a media report said.
The firm is likely to be valued around $2 billion in the transaction, Business Standard reported, citing sources close to the development,
While Piramal holds a 20% stake in the firm, TPG holds about 9.5%. Shriram Capital holds 63.88%.
This comes soon after the merger of Shriram Capital Ltd and Shriram City Union Finance Ltd with Shriram Transport Finance Ltd to create the largest retail non-banking financial company in India, Shriram Finance Ltd. It was widely believed the restructuring would pave the way for the exit of Piramal and TPG.