According to media sources, Piramal Enterprises planned to sell every one of its 8.34% interest in Shriram Finance on Wednesday through block agreements.

In Wednesday’s trade at 09:19 AM, shares of Shriram Finance reached a new 52-week high of Rs 1,715, and were briefly frozen at the 10% upper circuit on the National Stock Exchange (NSE), after more than 8% of the non-banking finance company’s (NBFC) total equity traded hands on the exchange.

Around 31.22 million shares representing 8.3 per cent of total equity of Shriram Finance worth of Rs 4,824 crore changed hands on the NSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.

According to media sources, Piramal Enterprises planned to sell every one of its 8.34% interest in Shriram Finance on Wednesday through block agreements.

In Wednesday’s trade at 09:19 AM, shares of Shriram Finance reached a new 52-week high of Rs 1,715, and were briefly frozen at the 10% upper circuit on the National Stock Exchange (NSE), after more than 8% of the non-banking finance company’s (NBFC) total equity traded hands on the exchange.

On the NSE, shares of Piramal Enterprises were also temporarily caught in a 10% upper circuit at Rs 922.35.  Both of these stocks are traded in the circuit-unrestricted futures and options (F&O) segment.

Earlier on Monday, TPG, an American alternative asset manager, sold all of its 9.91 million shares, or 2.65 percent of Shriram Finance, through block trades on the BSE for Rs 1,400 crore. The stock has increased 22% during the last three trading days.

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