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With the 90-day mutually agreed exclusivity period for due diligence and discussions between Shriram Group and IDFC Group to evaluate a strategic combination expected to end in about 10 days, Ajay Piramal, Chairman of Shriram Group, on Wednesday said his group will never do anything which is not in the interest of shareholders.
Ajay Piramal’s Piramal Enterprises is the largest shareholder in Shriram Capital (SCL) with 20 per cent stake. SCL is the overarching holding company for the financial services and insurance entities of Shriram Group.
Responding to media queries on the status of the strategic combination, Piramal said: “As we had announced even in August, we will explore ways to see if a merger works out on the basis of what the RBI approves, on the basis of what valuations are there…So, we are still looking at it.”
When asked if the deal needs to be re-worked, he explained: “…We (Piramal Enterprises) are the largest shareholder (in Shriram Capital). We will never do anything which is not in the interest of shareholders. We have a vested interest to see that. But even otherwise, as a group Piramal has always stood by the principle that all shareholders should get the most appropriate deal. So, that is what we will ensure.”
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