Cash-rich Piramal Enterprises, which holds 11 per cent stake in Vodafone, is on an acquisition spree again and has picked up around 10 per cent interest in largest commercial vehicle financier Shriram Transport Finance for Rs 1,652 crore through secondary market dealings.
“We have acquired 2,28,47,468 shares of Shriram Transport, representing around 10 per cent of the total equity of the company, at an average price of Rs 723 per share and the total consideration is Rs 1,652 crore. The transaction was completed on the floor of exchanges over the past few days,” Pirmal Enterprises Chief Financial Officer Rajesh laddha told reporters here today.
Sriram Transport closed 3.60 per cent higher at Rs 760.50 on BSE, whose benchmark Sensex closed 0.72 per cent higher.