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CarTrade shares see block deal

24 Jun 2024 , 09:39 AM

On Monday, June 24, a significant amount of CarTrade Tech shares, totaling 71 lakh shares or 15.1% of the company’s equity, were traded at ₹828 per share in block deals. The buyers and sellers involved in this transaction have not been officially disclosed.

According to CNBC-TV18, citing sources, Highdell Investment and MacRitchie Investments Pte initiated this block trade in CarTrade Tech. The deal was initially valued at ₹400 Crore, with a potential to increase by an additional ₹100 Crore. Sources indicated that there is a 75-day lock-up period for this transaction.

The block trade constitutes a base size of 10.4% of CarTrade Tech’s total equity, with an option to increase by up to 13%. This includes a 7% stake sold by Highdell Investment and a 3.4% stake sold by MacRitchie Investments, with potential upsizes of 1.7% and 0.9%, respectively.

Sources mentioned that the floor price for the transaction was set at ₹820 per share, offering a 4.3% discount compared to the last closing price reported on Sunday.

As of the end of the March quarter, Highdell Investment held a 17.36% stake in CarTrade Tech, while MacRitchie held a 16.3% stake. Currently, CarTrade Tech shares were trading 3% lower at ₹831.65 each as of 9:20 am on Monday, June 24. Over the past year, the stock has seen a significant increase of 74%.

 

Related Tags

  • car trade
  • cartrade block deal
  • Cartrade News
  • cartrade share price
  • cartrade stock
  • CarTrade Tech news
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