Shares of Shriram City Union Finance today rose by over 4 per cent as Piramal Enterprises, promoted by Ajay Piramal, has proposed to acquire 9.99 per cent stake in the NBFC firm for about Rs 790 crore.
Shriram City's stock ended at Rs 1,233.10, up 4.23 per cent on the BSE. During the day, the scrip surged 4.81 per cent to Rs 1,240.
At the NSE, the stock advanced by 4.03 per cent to close at Rs 1,230.10.
Piramal Enterprises has agreed to acquire 65.8 lakh shares for cash on preferential basis at a price of Rs 1,200 per share of Shriram City Union Finance.
This represents 9.99 per cent of the post-diluted equity share capital, Shriram City Union Finance had said in filing to the BSE on Wednesday.
Shriram City Union Finance is a deposit-accepting non-banking financial company (NBFC) specialising in retail finance.
