On Friday, diversified conglomerate Piramal Enterprises announced that it has struck a Rs 1,652 crore deal with Shriram Transport Finance Company Limited, to acquire a 10 percent equity stake in company which is part of the $9-billion Shriram Group. Piramal acquired the equity stake from US-based private equity major TPG in an open market transaction.

Under the deal, Piramal acquired 2.28 crore shares of the Shriram Transport Finance company at Rs 723 per share, which marked a 1.15 percent discount to Shriram Transport Finance's closing share price of Rs
734.1 on Thursday.

The acquisition of the equity stake in Shriram Transport Finance - which is one of the biggest players in commercial vehicle finance, and chiefly finances pre-owned trucks and small truck owners - underscores Ajay Piramal-led Piramal Group's long-term strategy for the financial services business.

The group - which has plans underway apply for a banking licence - has already ventured into the sector through a non-banking finance firm for lending to real estate, education and infrastructure projects.

About the Shriram Transport Finance stake buyout by Piramal, the company's chairman Ajay Piramal said: "We took interest in this company because we are interested in the financial services sector. We have made a significant investment already with our NBFC which is lending on Friday to real estate."