Retail, SME and vehicle financier Shriram Finance opened lower on January 13 after 80 lakh shares, amounting to 2.1 percent equity, of the company changed hands through the block deal window. Details of the block deal details were reported by CNBC-TV18.
At 9:40am, the stock was quoting at Rs 1,281, lower by almost 2.5 percent. While buyers and sellers were not known immediately, it was earlier reported that private equity player Apax Partners' subsidiary Dynasty Acquisition is likely to sell its stake.
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Sources told CNBC-Awaaz that up to 1.73 crore shares or a 4.63 percent stake - the total holding with Dynasty Acquisition as of September-end - was likely to go through a block deal today.
However, the block deal reported as of now indicates the company still has 2.5 percent stake. Sources also said that Apax offered up to a 6 percent discount on deal and Kotak Securities was the broker.
In 2015, Apax had acquired a stake in Shriram City Union Finance from TPG Capital. In 2022, Shriram City Union Finance was merged with Shriram Transport Finance Company to establish the country's largest retail NBFC Shriram Finance Limited.
As of September-end, the new entity had a net worth of Rs 37,500 crore and assets under management of Rs 1.71 lakh crore. The company caters to over 67 lakh customers across India.