Shriram Finance Ltd.

PE giant TPG Capital, which held its stake in Shriram Transport Finance Company through Newbridge India Investment, has offloaded nearly 10 per cent stake in commercial vehicle financier in open market deals. The company has sold 2.26 crore shares in the firm at an average price of Rs 715.15 valuing the deal size at Rs 1,612 crore.

As of December quarter, TPG Capital through Newbridge held 20.28 per cent stake in Shriram Transport Finance.

Earlier this month, private equity firm Apax Partners had offloaded 63.85 lakh shares of Apollo Hospitals Enterprise for about Rs 530 crore.

Shriram Transport Finance is the flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC. The company was with an objective to provide hire purchase and lease finance for the medium and heavy commercial vehicles to individual truck operators. It is the largest asset financing NBFC in India concentrated mainly in the pre-owned vehicle financing business.