Ajay Piramal-led Piramal Enterprises has sold its entire 9.96 per cent stake in Shriram Transport Finance for over Rs 2,300 crore, earning around Rs 650 crore more than what it paid to buy the stake in 2013.

“The company has sold its entire direct investment of 9.96 per cent in the fully paid-up share capital of Shriram Transport Finance Company to third-party investors on the floor of the stock exchange,” Piramal Enterprises said in a filing to the stock exchanges on Monday.

During the quarter ended March 31, 2019, the diversified firm with a presence in financial services, pharmaceuticals and healthcare analytics held 2.26 crore shares in Shriram Transport Finance. The shares were sold through two block deals on the National Stock Exchange.

In May 2013, Piramal Enterprises had picked up 9.96 per cent in Shriram Transport Finance, which specialises in financing second-hand trucks, from Chennai-based Shriram Group for Rs 1,652 crore. On Monday, the entire stake was sold through the stock exchanges for Rs 2,305 crore.

Apart from Shriram Transport, the Piramals also own 10 per cent in Shriram City Union and 20 per cent in Shriram Capital. The stakes in these two companies were picked up in 2014.

In April 2014, the group had acquired the stake in Shriram Capital for Rs 2,014 crore. Later, in June that year, Piramal Enterprises acquired the stake in Shriram City Union, the retail focused non-banking financial company of Shriram, for Rs 790 crore.

In 2010, the company had sold the domestic formulation business to Abbott for $3.8 billion. It used the cash proceeds to make various investments.

In 2014, Piramal Enterprises made profits from another investment when it sold its entire 11 per cent equity stake in Vodafone India for Rs 8,900 crore. It had bought the shares in the telecom firm for Rs 5,864 crore in 2011-12.

The company has also launched a stressed asset fund with Bain Capital, known as India Resurgence Fund (IndiaRF).

The transaction failed to excite investors with the shares of Piramal Enterprises closing 3.55 per cent lower at Rs 1,995 on the BSE.

The Shriram Transport Finance scrip plunged 6.15 per cent to Rs 1,015 on the BSE on a day the benchmark index crashed 498 points, or 1.25 per cent.

During the fourth quarter of 2018-19, Piramal Enterprises saw its revenues rise 23 per cent to Rs 3,680 crore from Rs 2,991 crore in the same period of the previous fiscal. For the year, its revenues rose 24 per cent to Rs 13,215 crore compared with Rs 10,639 crore in the previous year.