New Delhi, Jun 19 (PTI) Private equity firm TPG on Monday divested its entire 2.65 per cent stake in NBFC Shriram Finance for Rs 1,390 crore through open market transactions.

TPG through its affiliate -- TPG India Investments II Inc -- offloaded the shares of non-banking financial company (NBFC) Shriram Finance Ltd in 18 tranches.

Also Read | Jammu and Kashmir Class 10 Results 2023: Girls Outshine Boys in Class 10 Annual Examinations.

Nippon India Mutual Fund (MF), DSP MF, Aditya Birla Sun Life MF, Kotak Mahindra Life Insurance Company, ICICI Prudential Life Insurance Company, Norges Bank, Societe Generale ODI and Morgan Stanley Asia Singapore, among others, were the buyers of the shares of Shriram Finance.

According to the block deal data available with the BSE, TPG India Investments II sold a total of 99,18,348 shares, amounting to a 2.65 per cent stake in Shriram Finance Ltd.

Also Read | IndiGo Places Largest-Ever Aircraft Order of 500 Planes With Airbus.

The shares were disposed of at an average price of Rs 1,401 apiece, taking the transaction size to Rs 1,389.56 crore.

As of the March quarter, TPG India Investments II held more than 99.18 lakh shares, equivalent to a 2.65 per cent stake in Shriram Finance.

On Monday, shares of Shriram Finance jumped 4.89 per cent to close at Rs 1,469.60 per piece on the BSE.

Shriram Finance is a retail NBFC offering credit solutions for commercial vehicles, two-wheeler loans, car loans, gold loans, personal loans and small business loans.

In November 2022, Shriram Group's entities – Shriram Transport Finance Company Ltd, Shriram City Union Finance Ltd and Shriram Capital Ltd merged to form Shriram Finance Ltd.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)