Piramal Enterprises on Wednesday divested its entire 8.34% stake in non-banking financial company Shriram Finance for Rs 4,824 crore through an open market transaction. According to block deal data available on the National Stock Exchange, Piramal offloaded 31.2 million shares, amounting to an 8.34% per stake in Shriram Finance.
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, among others, were buyers of shares.
Shares of Shriram Finance zoomed 11.31% to close at Rs 1,736 on the NSE. On Monday, US-based private equity firm TPG offloaded its entire 2.65% stake in Shriram Finance for Rs 1,390 crore through open market transactions.
Shriram Finance is a retail non-banking finance company offering credit solutions for commercial vehicles, two-wheeler loans, car loans, gold loans, personal loans and small business loans. In November 2022, Shriram Group’s entities — Shriram Transport Finance Company, Shriram City Union Finance and Shriram Capital merged to form Shriram Finance.