Piramal Enterprises shares gained on Thursday after the company 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.

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 are trading at Rs 603.30, up Rs 7.45, or 1.25% at the Bombay Stock Exchange (BSE) on Thursday at 10:20 a.m.

The scrip has touched an intra-day high of Rs 624.80 and low of Rs 600. The total volume of shares traded at the BSE is 27,216.

In the earlier session, the shares rose 2.25%, or Rs 13.1, at Rs 595.85.

Currently, the stock is trading down 6.94% from its 52-week high of Rs 648.30 and above 26.74% over the 52-week low of Rs 476.