Shriram Transport zooms on Newbridge $100 m infusion

DALAL STREET SPIKES

Shriram Transport Finance jumped 5.13 per cent to Rs 126.95 as compared with its previous close of Rs 120.75 with around 6.7 lakh shares traded at the Bombay Stock Exchange (BSE) today. The scrip touched its intra-day high of Rs 132.80.

The stock was in demand today on reports that global private equity major Newbridge Capital has offered to invest $100 million in the company.

Recently, the Shriram Group decided to merge its three arms - Shriram Investments, Shriram Transport Finance and Shriram Overseas Finance.

Newbridge's investment will come through Shriram Holdings (Madras) which is the exclusive holding arm for the three truck finance companies. Shriram Transport Finance's net profit was up 28.4 per cent to Rs 12.96 crore for the quarter ended June 2005.