Promoter of Shriram Finance sold over 59 lakh shares for Rs 1,427 crore

Sanlam Life Insurance -- one of the promoters of Shriram Finance -- on Thursday offloaded shares for Rs 1,427 crore through an open market transaction.

Shriram Finance is one of the country's biggest retail non-banking financial companies (NBFCs) offering credit solutions for commercial vehicles, two-wheeler loans, and car loans.

According to the block deal data available with the National Stock Exchange (NSE), Sanlam Life Insurance Ltd sold 59.80 lakh shares, amounting to a 1.6 per cent stake of the company.

The shares were disposed of at an average price of Rs 2,386 apiece, taking the transaction value to Rs 1,427 crore.

Meanwhile, another promoter entity of Chennai-based Shriram Finance Ltd picked up the same amount of shares at the same price.

However, there is no change in the shareholding of promoter and promoter group entities.

On Thursday, shares of Shriram Finance Ltd fell 1.10 per cent to close at Rs 2,360 apiece on the NSE.

In a separate transaction on the NSE, promoter of RateGain Travel Technologies divested 2 per cent stake in the company for Rs 180 crore through an open market transaction.

RateGain Travel Technologies is a global provider of AI-powered SaaS solutions for the hospitality and travel industry.

As per the bulk deal data, Megha Chopra, one of the promoters, offloaded 25.20 lakh shares, amounting to a 2.14 per cent stake in RateGain Travel Technologies.

The shares were sold at an average price of Rs 715.25 apiece, taking the transaction value to Rs 180.24 crore.

After the latest transaction, Megha Chopra's shareholding in the company have declined to 9.95 per cent from 12.09 per cent. Also, the combined stakeholding of the promoters have reduced to 49.13 per cent from 51.27 per cent.

Meanwhile, Societe Generale picked up 9.33 lakh shares of Rategain Travel Technologies at an average price of Rs 715 apiece, taking the deal value to Rs 66.72 crore.
Details of the other buyers could not be ascertained.

Shares of RateGain Travel Technologies tumbled 6.21 per cent to end at Rs 727 apiece on the NSE.