Piramal Finance to exit Shriram Life
To sell its entire stake of 14.72% to South Africa-based Sanlam Group for around Rs600 cr
Piramal Finance to exit Shriram Life
Piramal Finance on Friday said it has decided to sell its entire 14.72 per cent stake in Shriram Life Insurance Company to South Africa-based Sanlam Group for Rs 600 crore. Sanlam Group is the foreign partner in the insurance venture with Shriram Finance.
A share purchase agreement between Piramal Finance and Sanlam Emerging Markets (Mauritius) Limited (SEMM) in this regard was signed on Friday. The transaction is expected to close in the quarter ending March 31, 2026, subject to receipt of the requisite regulatory approvals, including approval of the Insurance Regulatory and Development Authority of India, Piramal Finance said in a regulatory filing.
The contribution of Shriram Life Insurance Company (SLIC) towards the revenue of the company for the year ended March 31, 2025, was Rs 12.68 crore (0.12 per cent of its revenue) in the form of dividend received, it added.
