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US private equity major TPG Capital on Thursday offloaded about 10 per cent stake in Shriram Transport Finance Co for about Rs 1,620 crore.
TPG (formerly Texas Pacific Group) owns about 20 per cent stake in the non-banking finance company.
The PE firm, which held its stake in Shriram Transport Finance Company through Newbridge India Investment Ltd, sold 2.26 crore shares (amounting to 9.98 per cent stake) in the firm, according to data available with the National Stock Exchange.
It sold shares at an average price of Rs 715.15. The buyers were Centaura Investments, Sanlan Life Insurance and Swiss Finance Corporation.
Goldman Sachs is the sole book-runner for the stake-sale.
When contacted, Shriram Transport Finance officials declined to comment stating it was a secondary market sale.
The NBFC is India’s largest commercial vehicle finance company, with Rs 49,270 crore of assets under management.
Shriram Transport Finance is the flagship company of the Shriram Group, which has presence in consumer finance, life insurance, general insurance, stock broking and distribution businesses.
On Thursday, the company’s shares closed 7.72 per cent down at Rs 699.25 on the BSE.
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