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TPG Said to Sell Shriram Transport Stake for $303 Million

Feb. 21 (Bloomberg) -- TPG Capital sold about half its stake in Shriram Transport Finance Ltd., an Indian truck financier, for about 16.6 billion rupees ($303 million), said a person with knowledge of the matter.

TPG sold 23.15 million shares for 715 rupees apiece, the person said, asking not to be identified as the information is private. The shares were offered at 715 rupees to 755.95 rupees, according to a term sheet obtained by Bloomberg News yesterday.

South African financial services group Sanlam said it bought a 3.7 percent stake in Shriram through today’s transaction. Other investors include Centaura Investments (Mauritius) Pte and Swiss Finance Corp. (Mauritius) Ltd., according to disclosures on the National Stock Exchange.

The sale, India’s largest block deal in nearly eight months, comes after Shriram gained 31 percent in the year through yesterday. The shares plunged as much as 9.4 percent to 685.10 rupees today.

The Fort Worth, Texas-based fund held almost 46 million shares, or over 20 percent, of Shriram in December, according to stock exchange filings. TPG first acquired a stake in Mumbai-based Shriram for 112.75 rupees in 2006, data compiled by Bloomberg show.

Five Shriram blocks, totaling about 9 percent of the shares outstanding, changed hands on the National Stock Exchange today, data compiled by Bloomberg show. The sale is the largest of its kind in India since Cairn Energy Plc sold a stake in Cairn India Ltd. for 20.6 billion rupees in June, data compiled by Bloomberg show.

Goldman Sachs Group Inc. managed the sale for TPG, according to the sales document.

To contact the reporters on this story: Ruth David in London at rdavid9@bloomberg.net; George Smith Alexander in Mumbai at galexander11@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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