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TPG-backed Shriram Capital ready to sell 10% stake to Piramal

5 Jul 2013

IndiaTPG Capital-backed financial services conglomerate Shriram Capital is set to sell a 10 per cent stake in itself to Indian conglomerate Piramal, it is understood.

Shriram Group founder R Thyagarajan told the Economic Times Piramal could either buy TPG’s stake or the business could issue fresh shares to allow the investment, adding that Piramal and Shriram had agreed a deal in principle.

The business is being valued at INR65bn ($1bn) according to ET sources.

In May TPG made a seven times return exiting Shriram Transport Finance with the sale of its ten per cent stake for INR16.52bn to Piramal.

TPG had sealed a partial exit three months earlier by selling almost half its stake for $303m through block trades on India’s National Stock Exchange.

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