US private equity firm TPG has halved its stake in Shriram Transport Finance, an Indian commercial vehicle financier, to about 10% via a block trade, raising Rs16.5 billion $305 million. The deal launched on Wednesday evening and was completed before the opening of Indian trading yesterday.
The price was fixed at Rs715 per share, which marked the bottom of the indicative range and represented a 5.4% discount to Wednesday’s close of Rs755.95. It was the first time TPG sold shares in Shriram Transport since its initial investment. Prior to the sale it owned about 20.3% of the company.
The 23.1 million shares were marketed at a...
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