Shares of Piramal Enterprises shed 3 percent in the early trade on June 25 after the company said that it was evaluating the feasibility of sale of its entire (effective 20 percent) stake in Shriram Capital.
However, the proposed transaction would be subject to receipt of necessary approvals, including the approval of the board of directors of the company at the appropriate stage, and necessary disclosures will be made by the company at the relevant time, in accordance with applicable law, the company said in a BSE filing.
Also, the company clarifying on a news item, said Softbank plans to invest $1 billion in Piramal Group. The talks in a final stage but no such proposal has been placed for approval of the board or any of its committees.
At 0936 hours Piramal Enterprises was quoting at Rs 1,901.85, down Rs 43.75, or 2.25 percent on the BSE.
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