April 30, 2014 / 3:11 PM / 4 years ago

India's Piramal buys Shriram City Union shares worth $130 mln

MUMBAI, April 30 (Reuters) - India’s Piramal Enterprises Ltd has agreed to buy a 9.99 percent stake in Shriram City Union Finance Ltd valued at about $130 million, its latest investment in a firm linked to the Chennai-based Shriram group.

Piramal will buy 6.58 million fresh shares of Shriram City Union, a non-banking finance company, Piramal said on Wednesday. The shares are valued at 7.78 billion rupees ($128.76 million) as per Shriram City Union’s market value on Wednesday.

Earlier this month, Piramal agreed to buy a 20 percent stake in unlisted Shriram group firm Shriram Capital Ltd for 20.14 billion rupees ($334 million), increasing its foothold in the financial services sector.

Last year, Piramal bought a 9.9 percent stake in Shriram Transport, another Shriram group company.

$1 = 60.4225 Indian Rupees Reporting by Himank Sharma; Editing by Sumeet Chatterjee

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