Piramal Finance Limited has announced a significant divestment decision, agreeing to sell its entire equity stake in Shriram Life Insurance Company Limited (SLIC) to Sanlam Emerging Markets (Mauritius) Limited (SEMM). The transaction involves the disposal of a 14.72% stake for a total consideration of ₹600.00 crores, marking a notable strategic move by the finance company.

Transaction Details

The key parameters of this divestment transaction are outlined below:

Buyer Profile

Sanlam Emerging Markets (Mauritius) Limited is a 100% subsidiary of Sanlam Emerging Markets Pty (Ltd) and is part of the Sanlam Group. The Sanlam Group is a leading pan-African financial services group headquartered in South Africa, with operations in over 30 countries, including key emerging market economies such as India. The buyer does not belong to any of Piramal Finance's promoter, promoter group, or group companies, and the transaction does not constitute a related party transaction.

Strategic Implications

This divestment represents a strategic portfolio optimization move for Piramal Finance Limited, aligned with the company's focus on monetizing non-core assets. The company has indicated it will continue pursuing similar strategies for other residual non-core assets. The transaction will provide substantial capital of ₹600.00 crores, which will further strengthen the company's balance sheet.

Financial Impact

The contribution of SLIC towards Piramal Finance's revenue was ₹12.68 crores (representing 0.12% of revenue) in the form of dividend received. The ₹600.00 crore proceeds from this divestment are expected to enhance the company's liquidity and provide flexibility for future business initiatives.

Timeline and Regulatory Process

The completion of this transaction is contingent upon obtaining necessary regulatory approvals from relevant authorities, including approval from the Insurance Regulatory and Development Authority of India. Piramal Finance Limited expects that all regulatory clearances will be secured and the deal will conclude in the quarter ending March 31, 2026.

Piramal Finance Limited has received regulatory approval from major stock exchanges to modify key terms of its Non-Convertible Debentures, marking a significant step in the company's debt instrument management. The approvals enable the company to proceed with modifications to coupon rate clauses in its existing NCD offerings.

Stock Exchange Approvals Secured

The company has obtained in-principle approval from both major Indian stock exchanges for the proposed modifications. The approval details are as follows:

Non-Convertible Debentures Details

The modifications apply to NCDs issued under two specific International Securities Identification Numbers (ISINs). The affected instruments and their key parameters include:

The modifications relate to coupon rate clauses mentioned in the Information Memorandum and other relevant documents associated with these NCDs. This follows the company's earlier communication dated November 14, 2025, on the same subject matter.

Implementation Timeline

Piramal Finance Limited executed the addendum to the Information Memorandum on December 11, 2025, following the receipt of both exchange approvals. The company has outlined its next steps for completing the modification process:

• Current Status: Addendum executed for both affected ISIN series
• Pending Action: Awaiting modified ISIN letters from depositories
• Final Step: Application for final listing upon receipt of modified documentation

The regulatory filing was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with mandatory disclosure requirements for material events affecting listed securities.