TPG India Investment sold about 1.3 crore shares, constituting 20.37 per cent stake in Shriram City Union Finance, in an off-market deal to Dynasty Acquisition (FPI) Ltd, a subsidiary of Apax Partners, a filing on the BSE said.
Shares of Shriram City Union Finance closed at Rs 1,719.15 per unit, down 2.52 per cent on BSE. At the current market price, the deal size was about Rs 2,307 crore.
Shriram City Union Finance is the retail lending arm of the Shriram Group.
Last year, Piramal Enterprises, a firm promoted by Ajay Piramal, had acquired 9.99 per cent stake in Shriram City Union Finance for a total of Rs 790 crore.
The acquisition, by way of a preferential allotment of shares by Shriram City Union, was at a price of Rs 1,200 per equity share, taking the total capital paid at Rs 790 crore, it added.
While promoters own nearly 34 per cent stake in the company, its other major investors include Piramal Enterprises, Norwest Venture Partners, Morgan Stanley and Bank Muscat.
Shriram City Union Finance, last month, reported consolidated net profit of Rs 575.35 crore for 2014-15 year.
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