On Friday, T. Rowe Price Associates bought 13.53 lakh equity shares or 0.59% stake in Shriram Transport Finance Company. The disclosure was made on Saturday.
Ajay Piramal-led Piramal Group owns 20% in Shriram Capital, which in turn holds 26.23% in STFC. Piramal also holds 10% in Shriram City Union Finance Ltd. Shriram Capital is an unlisted holding company, while Shriram City Union is a consumer lending business.
Last month, Mint had reported that STFC is looking to raise ₹3,000-4,000 crore via a qualified institutional placement or preferential allotment. It is also planning to raise up to ₹35,000 crore via bond issuances.
The NBFC's consolidated net profit soared 38.2% year-on-year to ₹882.19 crore for the quarter ended 31 Decembe, while net sales rose 7.4% ₹4,286.04 crore.
Shriram Transport Finance, the flagship company of the Shriram group, has significant presence in consumer finance, life insurance, general insurance, stock broking and distribution businesses.