Piramal Enterprises sells entire stake in Shriram Transport Finance for approximately Rs 2,305 cr

Piramal Enterprises sells entire stake in Shriram Transport Finance for approximately Rs 2,305 cr

Piramal Enterprises on Monday said has divested its entire stake in asset financing firm Shriram Transport Finance Company for approximately Rs 2,305 crore.

“The company has sold its entire direct investment of 9.96 per per cent in the fully paid-up share capital of Shriram Transport Finance Company to third party investors on the floor of the stock exchange,” Piramal Enterprises said in a regulatory filing.

As on March 31, 2019, Piramal Enterprises held 2.26 crore shares amounting to 9.96 per cent stake in Shriram Transport Finance Company.

Based on Monday’s opening share price of Shriram Transport Finance Company of Rs 1,020 per scrip, the stake sale is estimated to have to fetched Piramal Enterprises Rs 2,305 crore.

Shares of Piramal Enterprises were trading 0.27 per cent higher at Rs 2,074 apiece on BSE.

[“source=moneycontrol”]