Sanlam Life Insurance Offloads Shriram Finance Shares Worth Rs 1,427 Crore

New Delhi, Mar 28 - In a significant move within the financial sector, Sanlam Life Insurance, a key promoter of Shriram Finance, executed a substantial share sale amounting to Rs 1,427 crore through an open market transaction. This development is noteworthy as Shriram Finance stands as one of India's largest retail non-banking financial companies (NBFCs), specializing in offering diverse credit solutions including commercial vehicles, two-wheeler loans, and car loans.

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According to the block deal data from the National Stock Exchange (NSE), Sanlam Life Insurance Ltd offloaded approximately 59.80 lakh shares, which translates to a 1.6 per cent stake in Shriram Finance. The shares were sold at an average price of Rs 2,386 each, culminating in a transaction value of Rs 1,427 crore. Interestingly, another promoter entity of Chennai-based Shriram Finance Ltd acquired the same volume of shares at the identical price, leaving the shareholding of promoter and promoter group entities unchanged.

On the trading front, Shriram Finance Ltd witnessed a decrease in its share value by 1.10 per cent, closing at Rs 2,360 per share on the NSE on Thursday.

In a parallel development in the technology sector, RateGain Travel Technologies experienced a change in its promoter shareholding structure. Megha Chopra, one of the promoters, divested a 2 per cent stake in the company for Rs 180 crore through an open market transaction. RateGain is recognized globally for its AI-powered SaaS solutions catering to the hospitality and travel industry.

The bulk deal data revealed that Megha Chopra sold around 25.20 lakh shares, representing a 2.14 per cent stake in RateGain Travel Technologies. The shares were disposed of at an average price of Rs 715.25 each, bringing the total transaction value to approximately Rs 180.24 crore. Following this transaction, Megha Chopra's shareholding in RateGain has decreased to 9.95 per cent from previously holding 12.09 per cent. Consequently, the combined stake of the promoters has been reduced to 49.13 per cent from 51.27 per cent.

In another related transaction, Societe Generale acquired 9.33 lakh shares of RateGain Travel Technologies at an average price of Rs 715 per share, amounting to a deal value of Rs 66.72 crore.

Following these transactions, shares of RateGain Travel Technologies experienced a downturn, falling by 6.21 per cent to close at Rs 727 per share on the NSE.

These transactions underscore the dynamic nature of shareholding changes within major Indian companies and their impact on stock prices. Both Shriram Finance and RateGain Travel Technologies are pivotal players in their respective sectors, and such financial movements are closely monitored by investors and market analysts alike.