Piramal sells entire 10% stake in Shriram Transport for ₹2,300 crore

New Delhi: Ajay Piramal-controlled Piramal Enterprises Ltd on Monday sold its entire stake of about 10% stake in commercial vehicle financier Shriram Transport Finance Co Ltd., citing a “broader strategy” to leverage opportunities for growth in its financial services business. As of 31 March, Piramal held 22.6 million shares in Shriram Transport, which specialises in financing second-hand trucks, representing a 9.96% stake. The stake sale will fetch Piramal approximately ₹2,300 crore, based on the closing price of the stock on Monday. “Earlier this year in April 2019, Piramal Enterprises Ltd. had announced…

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