Shriram Transport up over 5%

Shriram Transport is up currently over 5% at Rs.771.55, with an intra day high at Rs.775. Market cap stands at Rs.17,503 crore.

The stock is up on news that Piramal Enterprises has picked up around 10% stake in the company through a block deal on the BSE at a price of Rs725 per share. This stake could have been sold by TPG Capital, which through its subsidiary, Newbridge India Invetsments II held 10.07% stake as at 31^st March 2013. TPG has been looking to sell its remaining stake for some time and it is likely that through this stake sale, it could have made 6 to 7 times gains.