French bank Societe Generale has bought 1,47,407 Rights Entitlement shares of Shriram Transport Finance Co Ltd on Wednesday.
These shares were bought by Societe Generale at ₹102.04 per share, as per bulk deals data available on the National Stock Exchange.
These rights entitlement shares will allow Societe Generale to invest in the ongoing rights issue of Shriram Transport.
Commercial vehicles financier Shriram Transport launched its rights issue on 16 July and will close on 30 July to raise ₹1,500 crore.
It had fixed a price of ₹570 per share for its proposed rights issue. Investors holding 26 shares as on the record date of 10 July, will be eligible for three rights offering. The full amount of the issue price of ₹570 per rights equity share will be payable on application.
The lender said its promoter entities will be subscribing to the entire portion of rights shares they are eligible for. In addition to subscription to their respective rights entitlement, the promoter entities have also reserved the right to subscribe to additional equity shares in the rights issue, including for any rights entitlements renounced in their favour or in favour of any entities controlled by them.
Shriram Transport reported a drop of 70% in its standalone net profit to ₹223.38 crore, for the quarter ended 31 March against ₹746.04 crore for the same period last year. Total income stood at ₹4,173 crore in Q4 FY20, up 7% from ₹3,883.38 crore in Q4 FY19.
Meanwhile, the Shriram Transport Finance stock closed at ₹695.10, up 2.30% on NSE on Wednesday. while the Shriram Transport Rights Entitlement closed at ₹108.05 up 8.16%.
