Private equity firm TPG Capital and billionaire Ajay Piramal-led Piramal Enterprises Ltd are looking to exit Shriram Capital Ltd, the latter said on Tuesday.
The Shriram Group said in a statement that Piramal was looking to sell its stake in line with its long-term growth strategy while TPG was evaluating an exit as part of its investment review practices, including the amount of time it had invested in the company for.
DV Ravi, managing director at Shriram Capital and a managing trustee for Shriram Ownership Trust, said Shriram Group enterprises will be managed and governed by the trust, going forward.
Piramal Group owns a 20% stake in Shriram Capital and 10% in Shriram City Union Finance Ltd. It recently sold its stake in Shriram Transport.
Shriram Capital is an unlisted holding company of the Chennai-headquartered financial services group. Shriram Transport specialises in financing second-hand trucks and Shriram City Union is into consumer lending.
