Piramal Enterprises to sell entire 8.3% stake in Shriram Finance: Report
Floor price for the block deals has been set at Rs 1,483 per share, which represents up to 5% discount to current market price of Rs 1,557
- Jun 20, 2023,
- Updated Jun 20, 2023 11:01 PM IST
Pharma and real estate conglomerate Piramal Enterprises Ltd will sell its entire 8.3% stake in Shriram Finance through block deals, said a report on Tuesday.
Piramal Enterprises will sell 3.1 crore shares in Shriram Finance, reported CNBC TV-18.
Floor price for the block deals has been set at Rs 1,483 per share, which represents up to 5% discount to current market price of Rs 1,557.
Morgan Stanley will reportedly be the broker for the deals.
On Monday, US private equity firm TPG sold its 2.65% stake for Rs 1,400 crore in the non-banking financial company to some investors in an open market transaction.
Over 1,36,000 shares changed hands in three block deals in the price range of Rs 1,471.2 to Rs 1,476 rupees at a 5-5.3% premium to Friday's close.
Shares of Shriram Finance, which became India's largest NBFC last year following the merger of Shriram Transport Finance Co and Shriram City Union Finance, hit an upper circuit on Monday and Tuesday as well.
Promoters own a 25.1% stake in the Chennai-based company, according to NSE data.
Pharma and real estate conglomerate Piramal Enterprises Ltd will sell its entire 8.3% stake in Shriram Finance through block deals, said a report on Tuesday.
Piramal Enterprises will sell 3.1 crore shares in Shriram Finance, reported CNBC TV-18.
Floor price for the block deals has been set at Rs 1,483 per share, which represents up to 5% discount to current market price of Rs 1,557.
Morgan Stanley will reportedly be the broker for the deals.
On Monday, US private equity firm TPG sold its 2.65% stake for Rs 1,400 crore in the non-banking financial company to some investors in an open market transaction.
Over 1,36,000 shares changed hands in three block deals in the price range of Rs 1,471.2 to Rs 1,476 rupees at a 5-5.3% premium to Friday's close.
Shares of Shriram Finance, which became India's largest NBFC last year following the merger of Shriram Transport Finance Co and Shriram City Union Finance, hit an upper circuit on Monday and Tuesday as well.
Promoters own a 25.1% stake in the Chennai-based company, according to NSE data.