Piramal sells entire stake in Shriram Transport for around Rs 2,300 crore

Market sources said the company sold its shares for around Rs 1,000-1,015 a share

Piramal Enterprises, which owns equity stakes in three Shriram Group companies, has started the process of exiting the Chennai-based financial services group by selling its entire 9.96 per cent stake in Shriram Transport Finance Company (STFC) for Rs 2,300 crore to a clutch of 26 investors.
 
Piramal sold its shares in STFC at the rate of Rs 1,000-1,015 a share, earning a 40 per cent return in six years. A top Shriram Group official said Piramal will also exit from Shriram City Union Finance (SCUF) and the group’s unlisted holding firm, Shriram Capital. Piramal also holds 20 per cent