TPG Rakes In $305M In Shriram Transport Finance Stake Sale

Law360, New York (May 10, 2013, 3:26 PM EDT) -- Texas-based TPG Capital unloaded its 10 percent interest in Indian commercial vehicle finance firm Shriram Transport Finance Co. Ltd., the buyer said Friday, raking in $305 million — a nearly sevenfold return on its initial buy-in to the company.

In the transaction, TPG's remaining Shriram stake switched over to Piramal Enterprises Ltd., an Indian conglomerate looking to crack deeper into the financial services sector. Piramal did not say how it covered its stake purchase.

The deal came seven years after TPG bought 49 percent of the...
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