MUMBAI: Singapore-based Temasek, Piramal Group and Bain Capital are leading the race to acquire private equity firm TPG's 20% stake in India's largest commercial vehicle financier Shriram Transport Finance Corp (STFC), according to two people familiar with the negotiations.
The deal is likely to go through next month once the court approves the merger of holding company (Shriram Holding, Madras) with itself. The holding company owns 41.26% in STFC, while TPG holds 49% in the holding company.
TPG's indirect holding in Shriram Transport Finance is worth around Rs 2,900-3,000 crore, at the prevailing market price, and it has appointed Credit Suisse to advise it on the exit route. Full story
