Highlights of Shriram Finance Falls:
- Shriram Finance, a retail, SME, and vehicle financier, opened lower on January 13 after 80 lakh shares (2.1% equity) of the company changed hands through a block deal.
- The stock was quoted at Rs 1,281, lower by almost 2.5%.
- Private equity firm Apax Partners’ subsidiary Dynasty Acquisition is likely to be the seller of the stake.
- The block deal reportedly involved 1.73 crore shares (4.63% stake) of the company, but the company still has 2.5% stake.
- Kotak Securities was the broker for the deal and Apax offered a 6% discount on the deal.
Details of Shriram Finance Falls:
Shriram Finance, a retail, SME and vehicle financier, opened lower on January 13 after 2.1% of the company’s equity, or 80 lakh shares, were sold in a block deal.
The identity of the buyers and sellers is currently unknown, but it was previously reported that private equity firm Apax Partners’ subsidiary Dynasty Acquisition may be selling its stake.
As of September-end, Dynasty Acquisition held a 4.63% stake in the company, but the block deal currently reported indicates that the company still holds a 2.5% stake.
It is also reported that Apax offered a 6% discount on the deal, with Kotak Securities acting as the broker.
In 2015, Apax acquired a stake in Shriram City Union Finance from TPG Capital. In 2022, Shriram City Union Finance merged with Shriram Transport Finance Company to form Shriram Finance Limited, the largest retail NBFC in the country.
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