TPG sells stake in Shriram Finance for Rs 1,400 cr, Piramal to follow suit

Shriram Finance last year became India's largest non-bank lender after merger of units

American private equity major TPG has sold its entire 2.65 per cent stake in Shriram Finance (erstwhile Shriram Transport Finance Company) via block deals on Monday, informed investment banking sources. TPG has received Rs. 1,400 crore (($170.9 million; $1 = Rs. 81.91) by selling 9.9 million shares, said a source.

Over 136,000 shares changed hands in three block deals, as of 3.09 pm, in the price range of Rs. 1,471.2 to Rs. 1,476 at a 5-5.3 per cent premium to Friday’s close, according to Refinitiv data. The shares were sold to several mutual funds and insurance companies.

The company had