Piramal buys TPG's 10% stake in Shriram Transport for Rs 1652 cr

India's Piramal Enterprises said on Friday that it bought a 10 per cent stake in commercial vehicle financier Shriram Transport Finance Co Ltd through a block deal on the Bombay Stock Exchange

FP Staff|Dec 20, 2014, 19:59:10 IST

Shares of Shriram Transport Finance Company rallied over 5 percent in morning trade today after Piramal Group picked up US-based private equity investor TPG's 9.9 percent stake in the company through block deals in the open market.

The 10 percent stake buy is in line with Piramal's strategy to focus on financial services.

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Block deal[/caption]

Piramal Group bought 2.26 crore shares of Shriram Transport Finance Company at a price of Rs 725 per share in a block deal.

In an interview with CNBC-TV18, Ajay Piramal, chairman of Piramal Enterprise said the group bought stake in Shriram Transport for Rs 1,652 crore through a secondary market deal. "We see long-term shareholder Value creation via this stake buy," he added.

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