Piramal Enterprises Exits Shriram Finance; Pares Entire Stake For Rs 4,824 Cr

Piramal Enterprises on Wednesday divested its entire stake 8.34 per cent stake in non-banking financial company Shriram Finance for Rs 4,824 crore through an open market transaction.

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.

According to the block deal data available with the National Stock Exchange (NSE), Piramal Enterprises offloaded 3,12,21,449 shares, amounting to an 8.34 per cent stake in Shriram Finance.

The shares were disposed of at an average price of Rs 1,545 apiece, taking the transaction size to Rs 4,823.71 crore.

As of the March quarter, Piramal Enterprises Ltd held more than 3.12 crore shares, equivalent to an 8.34 per cent stake in NBFC firm Shriram Finance, shareholding data showed with the bourse.

Shares of Shriram Finance zoomed 11.31 per cent to close at Rs 1,736 per piece on the NSE.

On Monday, US-based private equity firm TPG offloaded its entire 2.65 per cent stake in Shriram Finance for Rs 1,390 crore through open market transactions.

Shriram Finance is a retail NBFC 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 Ltd, Shriram City Union Finance Ltd and Shriram Capital Ltd merged to form Shriram Finance Ltd.