TPG Capital raises $305 mn from Shriram Transport Finance share sale: source

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Shares in Shriram Transport were trading down 7 percent at 702.70 rupees. (Reuters) Shares in Shriram Transport were trading down 7 percent at 702.70 rupees. (Reuters)
SummaryShares in Shriram Transport were trading down 7 percent at 702.70 rupees.

US private equity firm TPG Capital has raised $305 million by selling about half of its stake in Indian commercial vehicle financier Shriram Transport Finance Co Ltd, a source with direct knowledge of the matter said on Thursday.

TPG, which owned about 20 percent of Shriram Transport before the sale, sold the shares at 715 rupees each to a large number of overseas and domestic institutional investors, the source said.

The private equity firm had launched the share sale late on Wednesday in the price range of 715 rupees to 755.95 rupees per share, according to a term sheet seen by Reuters.

Shares in Shriram Transport were trading down 7 percent at 702.70 rupees at 0735 GMT, while the main Mumbai market index was down about 1 percent.

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