At 10:43 AM, the stock was trading 2.4 per cent higher at Rs 1,934.80 as compared to a 0.17 per cent dip in the benchmark S&P BSE Sensex.
Masayoshi Son-led SoftBank is in the final stages of due diligence for investing $1 billion in Piramal Enterprises. The cash will go to the Mumbai-based company’s financial services arm, which primarily deals in wholesale and corporate debt, a source in the know said. The deal would peg the value of the financial services arm of Piramal Group at over $4 billion, the report said.
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The Japanese conglomerate is likely to route this investment through its $100-billion vision fund.
The two sides have been locked in conversation for a few weeks now and the handshake agreement was done earlier last week. The last details of the due diligence process are pending and the deal is officially expected to close in about two months.
It is possible that the financial services company will not remain a subsidiary much longer as the two plan to set up a fintech platform, which will look to give loans across the board.
On Friday, June 21, Piramal Enterprises had issued a clarification on reports of the company being in advance talks to raise funds from marquee investors. "No such proposal as referred to in the news report has been placed for approval of the Board or any of its Committees," the company had said.
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