Shriram Finance records Rs 1,796-crore block deal for 2% equity, stock gains

The block deal in Shriram Finance was executed at an average of Rs 2,310 per share, a marginal discount to the previous close.

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Around 78 lakh shares or 2 percent equity in Shriram Finance changed hands in a Rs 1,796-crore block deal on March 22. It was executed at an average of Rs 2,310 per share which represents a marginal discount to the previous close.

Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.

Shares of Shriram Finance reacted positively to the block deal and, at 09.16 am, were trading over 1 percent higher at Rs 2,339.40 on the NSE.

Meanwhile, the auto finance company is eyeing for a 20 percent jump in its assets under management (AUM) this year. However, Umesh Revankar, Executive Vice Chairman of the company also highlighted in an interaction with CNBC-TV18 that there might be a slight slowdown in growth extending into Q1 FY25 due to elections.

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“People may not be inclined towards borrowing when election results are announced, leading to fewer sanctions, approvals, and disbursals,” he added.

Also, the non-banking financial company (NBFC) is slated to replace UPL in the benchmark Nifty 50 starting from March 28 following the index’s latest rejig.

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