Morgan Stanley sells 1.26% stake in Piramal Enterprises for Rs 117 crore

MUMBAI: Morgan Stanley Asia (Singapore) Pte today offloaded 1.26 per cent stake in diversified group Piramal Enterprises for around Rs 117 crore.

The shares were purchased by Third Avenue Management LLC through open market transactions.

According to information available with the stock exchanges, Morgan Stanley Asia (Singapore) offloaded 21.87 lakh shares, amounting to 1.26 per cent of the total holding of Piramal Enterprises.

The shares were sold at an average price of Rs 534, valuing the transaction at Rs 116.83 crore, the data showed.

As on March quarter, Morgan Stanley Asia (Singapore) held 27.51 lakh shares, equivalent to 1.59 per cent stake of Piramal Enterprises.

Last month, cash-rich Piramal Enterprises had picked up around 10 per cent interest in commercial vehicle financier Shriram Transport Finance for Rs 1,652 crore through secondary market dealings.

Shares of Piramal Enterprises today surged 3.01 per cent to settle at Rs 545.90 apiece on the BSE.