Warburg Pincus pares 8.64% stake in Cartrade Tech

25 Sep 2024 , 12:49 PM

Highdell Investment, which is owned by US-based private equity firm Warburg Pincus, unloaded its whole 8.64% ownership in Cartrade Tech on Tuesday in an open market deal worth slightly more than ₹375 Crore. Cartrade Tech is one of India’s most popular online classifieds and vehicle auction websites.

According to the NSE’s bulk deal data, Highdell Investment sold 40.76 lakh shares, representing an 8.64% ownership in Cartrade Tech. 

The shares were sold at an average price of ₹920.30 each, bringing the total transaction value to ₹375.16 Crore.

Meanwhile, Mirae Asset Mutual Fund purchased 30.22 lakh shares, or a 6.4% interest in Cartrade Tech, in three tranches, according to data published on the National Stock Exchange. 

The shares were acquired at an average price of ₹920 each, bringing the total deal value to ₹278.02 Crore.

The names of the other buyers of Cartrade Tech’s shares could not be found on the exchange.

In June, Warburg Pincus sold an 8.66% share in CarTrade Tech for ₹337 Crore.

At around 12.43 PM, Cartrade Tech was trading 4.08% higher at 1,016 per piece, against the previous close of ₹976.20 on NSE. The counter touched an intraday high and low of ₹1,034.30, and ₹982.25, respectively.

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