Various private equity funds are looking to bid for Piramal Enterprises' and TPG’s stake in Shriram Capital, reported The Economic Times.

Advent International, Blackstone Group, CVC Capital, Carlyle Group and Brookfield have placed initial bids to buy around 30 percent in Shriram Capital, the report said citing three people familiar with the development.

The share sale by Piramal Enterprises, if it goes through, will result in billionaire Ajay Piramal’s complete exit from Shriram Capital, added the report.

The development comes after Piramal Enterprises said earlier that it intended to exit Shriram Capital and to redeploy funds after IL&FS-led liquidity crisis hit nonbanking financial companies.

The deal, the report added, if successful, will likely value the Chennai- based financial service firm at Rs 18,000-20,000 crore pegging TPG and Piramal’s combined holding at around Rs 6,000 crore.