TPG in $303m partial exit from Shriram Transport
TPG Capital has sold about half its stake in Indian truck financier Shriram Transport Finance (STFC) for about INR16.6 billion ($303 million).
The private equity firm sold 23.15 million shares for INR715 apiece, representing an approximate 10% stake in the company, Bloomberg reported. South African financial services group Sanlam said in a statement it bought a 3.7% stake in STFC for around INR1 billion. Other investors include Centaura Investments and Swiss Finance Corp.
The sale is India's largest block deal in nearly eight months. Shares in STFC fell by as much as 9.4% to INR685.10 yesterday.
TPG acquired a 49% stake in unlisted Shriram Holding Madras (SHM) in 2005 investing $100 million through its Newbridge Fund, with conglomerate Shriram Group owning the remaining 51%. When STFC merged with SHM in 2011, TPG got a 20.28% stake in the merged entity. SHM has a 41% stake in STFC.
According to stock exchange filings. TPG still held almost 46 million shares - over 20% - in STFC as of December, 2012.
Goldman Sachs managed the sale.
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