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India’s Shriram Finance said US private equity firm TPG sold its 2.65 per cent stake in the non-banking financial company to some investors in an open market transaction.
“They (TPG) still remain partners in the group’s insurance business. We believe they will look to deepen the relationship for newer opportunities within the group,” Umesh Revankar, executive vice chairman of Shriram Finance, said in an emailed statement to Reuters.
The Business Standard newspaper first reported on the stake sale on Monday, pegging the transaction at Rs 1401 crore ($170.9 million) and said that pharma and real estate conglomerate Piramal Group is also expected to sell its 8.3 per cent stake in the shadow lender soon.
Read | Shriram Finance aims to raise Rs 20,000 crore in FY24
Over 136,000 shares changed hands in three block deals, as of 3:09 pm IST, in the price range of 1,471.2 rupees to 1,476 rupees at a 5-5.3 per cent premium to Friday’s close, according to Refinitiv data.
Shares of Shriram Finance, which became India’s largest non-banking finance company last year following the merger of Shriram Transport Finance Co and Shriram City Union Finance, hit an upper circuit on Monday. The shares closed nearly 5 per cent higher at 1,469.85 rupees.
Promoters own a 25.1 per cent stake in the Chennai-based company, according to NSE data.
Piramal and TPG did not immediately respond to a Reuters request for confirmation.
($1 = Rs 81.9100)
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