Piramal Enterprises to sell entire 8.34% stake in Shriram Finance via block deal: Reports

According to the media reports, Piramal Enterprises planning to sell an 8.34% stake in Shriram Finance for Rs 4,630 crore via a block deal. 

The floor price has been set at Rs 1,483 per share, a 4.9% discount to the closing price of Rs 1,559.85 on the NSE. Further, a discount of around 5%, as the current market price of Shriram Finance's stock is Rs 1,559.45 on the BSE.

The sale of 3.12 crore shares by Piramal is scheduled for Wednesday, with the expected settlement date set for June 22, 2023, the term sheet said.

Morgan Stanley India will act as the sole placement agent for this transaction.

Source: Media reports