Piramal Enterprises announced that it has acquired 65,79,840 equity shares of Shriram City Union Finance, the retail focused Non-banking Financial Company (NBFC) of the Shriram Group.

The acquisition, by way of a preferential allotment of shares by Shriram City Union, was at a price of Rs 1,200 an equity share. The total consideration paid was Rs 7.9 billion.
 
Commenting on the partnership, Ajay Piramal, chairman of Piramal Enterprises said, 'We are happy that the shareholders of Shriram City Union Finance have approved our investment in the company. This capital infusion will support its present business model and help further its growth plans over the next few years. Shriram has a good team and we are confident it will create long term value for shareholders of both companies. Shriram is well positioned to take advantage of the India story, and we see great potential for growth.'

Shares of the company gained Rs 2.15, or 0.31%, to trade at Rs 703.95. The total volume of shares traded was 6,863 at the BSE (12.49 p.m., Thursday).