WestBridge Capital Sells 1.2% Stake in IndiaMART for Rs 190 Crore

New Delhi, Jun 21 (PTI) Private equity firm WestBridge Capital on Friday offloaded a 1.2 per cent stake in IndiaMART InterMESH for Rs 190 crore through open market transactions.

WestBridge Capital, through its affiliate WestBridge Crossover Fund LLC, sold shares of IndiaMART InterMESH, an online B2B marketplace, through two separate block deals on BSE.

As per the data available with BSE, WestBridge Crossover Fund LLC disposed of 7.3 lakh shares or a 1.2 per cent stake in IndiaMART InterMESH in two tranches.

The shares were offloaded at an average price of Rs 2,601 apiece, taking the deal size to Rs 189.87 crore.

These shares were purchased by SBI Mutual Fund and Morgan Stanley Asia (Singapore) at the same price.

Shares of IndiaMART InterMESH gained 1.25 per cent to close at Rs 2,648.80 apiece on the BSE.

In another block deal on the BSE, Rajat Agrawal, one of the promoters' of Gravita India, pared a 2 per cent stake in the company for Rs 191 crore.

As per the block deal data available, Agrawal sold 14 lakh shares, amounting to a 2 per cent stake in Gravita India.

The shares were disposed of at an average price of Rs 1,365 per piece, taking the transaction value to Rs 191.10 crore.

After the stake sale, the shareholding of Rajat Agrawal in Gravita India has declined to 39.35 per cent from 41.35 per cent.

Also, the combined stake of promoters in Gravita India has reduced to 64.48 per cent from 66.48 per cent.

These shares were bought by Hong Kong-based Oxbow Capital Management at the same price.

On Friday, the scrip of Gravita India surged 11.98 per cent to close at Rs 1,541 apiece on the BSE.

Gravita India is engaged in the manufacturing and recycling of lead, aluminium and plastic products.