TPG sells entire stake in Shriram Finance for $171 million

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Shriram Finance He said that US private equity firm TPG sold its 2.65 percent stake in the non-bank financial company to some investors in an open market deal.

“They (TPG) remain partners in the group’s insurance business. We believe they will look to deepen the relationship for new opportunities within the group,” Umesh Revankar, executive vice president of Shriram Finance, said in a statement emailed to Reuters. .

A media outlet first reported the stake sale on Monday, pegging the deal at 1,400 crore ($170.9 million) and the pharmaceutical and real estate conglomerate said. Piramal Group is also expected to sell its 8.3 percent stake in the shadow bank soon.

Also read: Shriram Finance Q4 Value Up 21% YoY Decreased 26% QoQ On Merger Merger

More than 136,000 shares were trading in three deals, as of 3:09pm IST, in the price range of Rs 1,471.2 to Rs 1,476 at a premium of 5-5.3 percent over Friday’s close, according to Refinitiv data.

shares Shriram Finance, which became India’s largest non-bank finance company last year after the merger of Shriram Transport Finance and Shriram City Union Finance, hitting the upper circle on Monday. The shares closed up about 5 per cent at Rs 1,469.85.

According to NSE data, the promoters own 25.1 percent of the Chennai-based company.

Neither Piramal nor TPG immediately responded to a Reuters request for confirmation.

($1 = 81.9100 Indian rupees)