Piramal Enterprises' subsidiary, Piramal Alternatives Trust, will acquire a 10.4% stake in Annapurna Finance for Rs 300 crore. The deal is subject to regulatory approvals and is expected to be completed by March 2024.
New Delhi, Jan 24 (PTI) Piramal Alternatives Trust (PAT), a wholly-owned subsidiary of Piramal Enterprises, will acquire a 10.4 per cent stake in Annapurna Finance for Rs 300 crore.
Annapurna Finance is a non-banking financial company, headquartered in Odisha. It is one of the top 10 MFIs in India, with an asset under management of Rs 9,233 crore as of September 2023, the company said in a regulatory filing.
PAT has entered into an agreement today "to acquire 10.39 per cent stake in Annapurna Finance Private Limited (AFPL) for a cash consideration of Rs 300 crore by way of a purchase of equity shares and subscription to optionally convertible debentures amounting to Rs 300 crore," it added.
The transaction is subject to receipt of requisite regulatory approval by PAT and is likely to be completed before March 31, 2024, the filing said.
Annapurna Finance has more than 1,275 branches and a customer base of over 2.5 million spread across 20 states.
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