Piramal Enterprises is looking to sell its entire 8.34 per cent stake in Shriram Finance via block deals on Wednesday, sources told businessline.
The stake-sale comprises the 3.12 crore shares held by Piramal Enterprises, as of March 2023.
The floor price for the deal has been set at ₹1,483, a discount of up to 5 per cent to the current share price. Morgan Stanley will be the sole broker to the deal, sources said.
This comes after US-based private equity firm TPG India Investments offloaded its entire 2.65 per cent stake, or 99.2 lakh shares, in the company via several block deals on Monday at ₹1,401 per share for ₹1,390 crore.
Stocks up
Following the block deals, Shriram Finance’s stock surged to a one-month high of ₹1,500. On Tuesday, the stock gained further, touching a 52-week high of ₹1,572.05. It later pared some gains to close 6.1 per cent higher at ₹1,559.45 on the BSE — where the block deals took place.
Kotak Group, DSP Mutual Fund, Morgan Stanley, Norges Bank, Aditya Birla Sun Life Mutual Fund were amongst the largest buyers of the shares sold by TPG India.
The sale by Piramal will be the third large exit since the three-way merger of Shriram City Union Finance and Shriram Capital with Shriram Transport Finance to create Shriram Finance in December 2022.
In January 2023, PE firm Apax Partners had sold 80 lakh shares or 2.95 per cent stake in Shriram Finance for ₹1,040 crore.