IIFL Inc, on Wednesday, picked up over eight lakh shares in non-banking financial company Shriram City Union Finance for nearly Rs.100 crore in open market transactions.

According to data available with the stock exchanges, IIFL Inc purchased 4.12 lakh shares of Shriram City on the BSE and 3.98 lakh scrips on the NSE from the open market.

The scrips were purchased on an average price of Rs.1,228.48, valuing the transaction at Rs.99.50 crore.

Shares of Shriram City Union Finance surged by 17.41 per cent to settle at Rs.1,227.80 on the Bombay Stock Exchnge. IIFL Inc was holding 20 lakh shares, or 3.82 per cent stake, in Shriram City Union Finance at the end of the December quarter.

Meanwhile, a total of 7.64 lakh shares of the company were offloaded by its two shareholders — Norwest Venture Parters and IDBI Trusteeship Services.