Warburg Pincus Exits Cartrade Tech: Sells 8.64% Stake for Rs 375 Crore
By Rediff Money Desk, New Delhi Sep 24, 2024 19:43
Warburg Pincus has exited Cartrade Tech, selling its entire 8.64% stake for over Rs 375 crore via an open market transaction. Mirae Asset Mutual Fund acquired a 6.4% stake in the company.
New Delhi, Sep 24 (PTI) Highdell Investment, an entity owned by US-based private equity major Warburg Pincus, on Tuesday divested its entire 8.64 per cent stake in Cartrade Tech for a little over Rs 375 crore via an open market transaction.
Cartrade Tech is one of India's largest online classifieds and auto auction platforms.
According to the bulk deal data available on the NSE, Highdell Investment sold 40.76 lakh shares, amounting to an 8.64 per cent stake in Cartrade Tech.
The shares were offloaded at an average price of Rs 920.30 apiece, taking the transaction value to Rs 375.16 crore.
Meanwhile, Mirae Asset Mutual Fund purchased 30.22 lakh shares or a 6.4 per cent stake in Cartrade Tech in three tranches, the data showed on the National Stock Exchange (NSE).
The shares were picked up at an average price of Rs 920 apiece, taking the aggregate deal value to Rs 278.02 crore.
Details of the other buyers of Cartrade Tech's shares could not be identified on the bourse.
In June, Warburg Pincus sold an 8.66 per cent stake in CarTrade Tech for Rs 337 crore.
Shares of Cartrade Tech rose 0.40 per cent to end at Rs 979.30 per piece on the NSE.
Cartrade Tech is one of India's largest online classifieds and auto auction platforms.
According to the bulk deal data available on the NSE, Highdell Investment sold 40.76 lakh shares, amounting to an 8.64 per cent stake in Cartrade Tech.
The shares were offloaded at an average price of Rs 920.30 apiece, taking the transaction value to Rs 375.16 crore.
Meanwhile, Mirae Asset Mutual Fund purchased 30.22 lakh shares or a 6.4 per cent stake in Cartrade Tech in three tranches, the data showed on the National Stock Exchange (NSE).
The shares were picked up at an average price of Rs 920 apiece, taking the aggregate deal value to Rs 278.02 crore.
Details of the other buyers of Cartrade Tech's shares could not be identified on the bourse.
In June, Warburg Pincus sold an 8.66 per cent stake in CarTrade Tech for Rs 337 crore.
Shares of Cartrade Tech rose 0.40 per cent to end at Rs 979.30 per piece on the NSE.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 10.41 (+ 0.48)
- 53727067
- GTL Infrastructure
- 2.41 (+ 4.78)
- 49996392
- Five-Star Business F
- 797.20 ( -1.39)
- 47756593
- Spicejet Ltd.
- 61.84 ( -0.87)
- 37121295
- Reliance Power L
- 44.16 (+ 4.99)
- 36538149
MORE NEWS
Gulf Oil Promoter Sells 4% Stake for Rs 263 Crore
Gulf Oil International Mauritius Inc. sold a 4% stake in Gulf Oil Lubricants India for...
Zaggle Acquires Stakes in Span Across IT &...
Fintech firm Zaggle invests Rs 48 crore in Span Across IT Solutions and Mobileware...
Swiggy Files Updated IPO Papers: Eyes Rs 3,750 Cr
Swiggy files updated IPO papers with Sebi, aiming to raise Rs 3,750 crore through fresh...