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, a source with direct knowledge of the matter said on Thursday.
TPG, which owned about 20% of Shriram Transport before the sale, sold the shares at R715 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 R715 to R755.95 rupees per share, according to a term sheet seen by Reuters. Share in Shriram Transport were trading down 7% at R702.70 at 07.35 GMT, while the main Mumbai market index was down about 1%.
SAfrica?s Sanlam raises stake in Shriram Transport
South African insurance group Sanlam has acquired a further 3.7% in Shriram Transport Finance for nearly 1 billion rand ($113 million), raising its stake to about 10%. Sanlam already holds stakes in Chennai-based Shriram Group?s insurance businesses.