Piramal sells Shriram stake for Rs 2,305 crores

Mumbai: Ajay Piramal, known for raking in huge profits from his investments, has repeated his streak by selling the nearly 10 per cent stake his group has held in Shriram Transport Finance, making a net gain of Rs 653 crore in just six years.

In May 2013, Piramal Enterprises had picked up 9.96 percent in Shriram Transport Finance, which specialises in financing second-hand trucks, from the Chennai-based Shriram Group for Rs 1,652 crore and Monday the entire stake was sold through stock exchanges for Rs 2,305 crore.

"We have sold our entire direct investment of 9.96 percent 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 on Monday.

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

Though the exact sale price is not immediately available, it has been learnt that the stock has been sold for Rs 1,000-1,015 apiece, a 40 per cent return in six years.