Piramal Finance Ltd on Friday, December 19, said it has entered a share purchase agreement to sell its entire 14.72% equity stake in Shriram Life Insurance Company Ltd (SLIC) for a consideration of ₹600 crore, as part of its strategy to monetise non-core assets.In an exchange filing, the company said the stake will be sold to Sanlam Emerging Markets (Mauritius) Ltd (SEMM). The transaction is expected to close in the quarter ending March 31, 2026, subject to regulatory approvals, including clearance from the Insurance Regulatory and Development Authority of India (IRDAI).
Piramal Finance said SLIC’s contribution to its financials has been limited, with the life insurer accounting for ₹12.68 crore in dividend income in FY25, or about 0.12% of the company’s total revenue.
The company said the divestment is aligned with its ongoing focus on exiting non-core investments, adding that the proceeds from the transaction will be used to strengthen its balance sheet. Piramal Finance indicated it will continue to evaluate monetisation opportunities for its remaining non-core assets.Sanlam Emerging Markets (Mauritius) is a wholly-owned subsidiary of Sanlam Emerging Markets Pty Ltd and part of the Sanlam Group, a South Africa–based pan-African financial services group with operations across more than 30 countries, including India.
Piramal Finance said SLIC’s contribution to its financials has been limited, with the life insurer accounting for ₹12.68 crore in dividend income in FY25, or about 0.12% of the company’s total revenue.
The company said the divestment is aligned with its ongoing focus on exiting non-core investments, adding that the proceeds from the transaction will be used to strengthen its balance sheet. Piramal Finance indicated it will continue to evaluate monetisation opportunities for its remaining non-core assets.Sanlam Emerging Markets (Mauritius) is a wholly-owned subsidiary of Sanlam Emerging Markets Pty Ltd and part of the Sanlam Group, a South Africa–based pan-African financial services group with operations across more than 30 countries, including India.
Piramal Finance clarified that SEMM is not related to its promoter group and that the transaction does not constitute a related-party deal.
Shares of Piramal Finance were trading as of 12:10 pm.
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