Piramal Enterprises today announced that it has agreed to acquire an effective 20% equity stake in Shriram Capital, a financial services company, for an aggregate consideration of Rs 20.14 billion.

Commenting on the deal, the company said, "Shriram Capital is the overarching holding company for the financial services and insurance entities of the Shriram group, created with the primary objective of optimizing the synergies across the group's entities. Shriram Capital's operating entities, have an overall customer base in excess of 9 million, more than 53,000 employees across 2,600 offices, net profit of Rs 8 billion with Assets Under Management (AUM) in excess of Rs 780 billion."

Piramal had invested Rs 16.36 billion in May last year to acquire 9.9% equity in Shriram Transport Finance Company, one of the listed NBFC forming part of the Shriram Group.

Shares of the company gained Rs 8.55, or 1.43%, to trade at Rs 604.40. The total volume of shares traded was 26,088 at the BSE (10.03 a.m., Thursday).