PE Fund Investments
Piramal Alternatives to acquire 10.4% stake in Annapurna Finance for Rs.300-Cr
Piramal Alternatives Trust (PAT), a wholly-owned subsidiary of Piramal Enterprises, will acquire a 10.39% stake in Bhubaneswar-based non-banking financial company, Annapurna Finance Pvt Ltd (AFPL), for INR 300 crore in cash. PAT would acquire the stake through purchase of equity shares and by subscribing to optionally convertible debentures.Annapurna Finance has more than 1,275 branches and a customer base of over 2.5 million spread across 20 states. Annapurna has an asset under management of INR 9,233 crore as of September 2023.
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