Piramal Enterprises sells its remaining shares in Shriram Finance for Rs. 4,824 billion
On Wednesday, Piramal Enterprises sold all of its 8.34% share in Shriram Finance, a non-banking financial business, in an open market transaction for a price of Rs 4,824 crore.
Shares were purchased by a number of institutional investors, including Aditya Birla Sun Life Mutual Fund (MF), Kotak Mahindra MF, ICICI Prudential Life Insurance Company, Monetary Authority of Singapore, Blackrock, BNP Paribas Arbitrage ODI, Government of Singapore, Ghisallo Master Fund LP, New World Fund Inc., and Societe Generale ODI.
According to block deal information made public by the National Stock Exchange (NSE), Piramal Enterprises sold 3,12,21,449 shares, or 8.34% of Shriram Finance, in the transaction.
At an average price of Rs 1,545 per share, the shares were sold, bringing the total transaction value to Rs 4,823.71 crore.
According to ownership statistics filed with the market, Piramal Enterprises Ltd. owned more than 3.12 crore shares as of the March quarter, or 8.34 percent of NBFC Shriram Finance.
Shriram Finance’s stock soared 11.31% to finish at Rs 1,736 per share on the NSE.
In open market transactions on Monday, US-based private equity company TPG sold its whole 2.65% share in Shriram Finance for Rs 1,390 crore.
Shriram Finance is a retail NBFC that provides financing options for small businesses, personal loans, gold loans, two-wheeler loans, and auto loans.
Shriram Transport Finance Company Ltd, Shriram City Union Finance Ltd, and Shriram Capital Ltd were all part of the Shriram Group until they amalgamated to establish Shriram Finance Ltd in November 2022.
