Piramal Enterprises will sell its entire stake of 8.34 per cent in NBFC major Shriram Finance through a block deal on Wednesday.
The company will offload around 3.1 crore of its shares in Shriram Finance at a floor price of Rs 1,483 per share, which is a 5 per cent discount from the current levels, according to a report by CNBC-Awaaz.
Investment banking company Morgan Stanley will be the sole broker for the block deal, as per the report.
Shriram Finance shares settled 6.11 per cent up at Rs 1,559.45 on BSE on Tuesday.
On Monday, TPG India sold around 99.18 equity shares or a 2.64 per cent stake in the company through block deals to a clutch of mutual funds and other institutional investors. The transaction was completed at a weighted average price of Rs 1,401 per unit and the Private Equity (PE) firm earned Rs 1,389 crore.
Among the buyers were ICICI Prudential Life Insurance Company, Norges Bank, Kotak Mahindra Life Insurance Company, Nippon India Mutual Fund, Nippon India Mutual Fund, Baja Allianz Life Insurance, Morgan Stanley, DSP MF and Aditya Birla Sun Life MF.
Post restructuring of Shriram Group, Piramal Enterprises had received stakes in multiple Shriram Group firms including 8.34 per cent in BSE-listed Shriram Finance and 20 per cent stake in each of the three holding companies – Shriram GI Holdings Private, Shriram LI Holdings Pvt and Shriram Investment Holdings. The company owns a 13.33 per cent stake in Shriram General Insurance Company and 14.91 per cent in Shriram Life Insurance Company.
