US private equity firm TPG Capital has raised $305 million by selling about half

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of its stake in commercial vehicle financier Shriram Transport Finance Co Ltd, a source with direct knowledge of the matter said on Thursday.

TPG, which owned about 20 percent of Shriram Transport before the sale, sold the shares at 715 rupees each to a large number of overseas and domestic institutional investors, the source said.

The private equity firm had launched the share sale late on Wednesday in the price range of Rs 715 to Rs 755.95 per share, according to a term sheet seen by Reuters.

Shares in Shriram Transport were trading down 7.1 percent at Rs 702.1 at 1.16 p.m. while the Nifty was was down more than 1 percent.