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Piramal in talks to sell stake in Shriram group companies: Report

The news reports of the proposed sale comes at a time when Shriram Transport failed to get any lenders in the syndication for its bond issue last week

AJAY PIRAMAL
In December 2014, Piramal Group picked up US-based private equity investor TPG's 9.9 percent stake in Shriram Transport through block deals in the open market for Rs 1,652 crore.

Billionaire chairman of Piramal Enterprises, Ajay Piramal is planning to sell his stake in Shriram group companies at a valuation of Rs 9,000 crore. The news reports of the proposed sale comes at a time when Shriram Transport failed to get any lenders in the syndication for its bond issue last week despite increasing the margin on the facility to Libor plus 195 basis points from Libor plus 140 basis points. Shriram Transport had to scale down its issue from $500 million to $350 million. In fact, some of the lenders are seeking to sell the loan portfolio via secondary trades, ...