Piramal Enterprises sells stake in Shriram Transport
Shares of both Piramal Enterprises and Shriram Transport fell as the divestment of Piramal\'s stake hit the market in the morning.
By : DC Correspondent
Update: 2019-06-17 20:09 GMT
Mumbai: Piramal Enterprises (PEL) on Monday sold its 10 per cent stake in Shriram Transport Finance Company in the open market to select institutional investors for about Rs 2,200 crore.
Shares of both Piramal Enterprises and Shriram Transport fell as the divestment of Piramal's stake hit the market in the morning.
Shriram Transport closed 5.88 per cent down on the BSE at Rs 1,018. Piramal Enter-prises fell 3.07 per cent to close at Rs 2,004.85. "This divestment is in line with PEL's pre-stated intent and one of the steps in a broader strategy to leverage the huge opportunities for strategic growth,” PEL said.