TPG Capital may sell 11% stake in Landmark Cars via block deal

23 Jun 2023 , 10:48 AM

As per the reports, TPG Capital may sell over 44 lakh shares, aggregating to a stake of about 11% in Landmark Cars through a block deal on June 23.

TPG Capital is likely to exit as a shareholder in Landmark Cars as a result of the block deal. As of March 31, 2023, the US-based private equity firm held 44,56,270 shares, or 11.25% of the Indian automotive retailer, through its affiliate TPG Growth II SF Pte Ltd.

According to the sources, the floor price for the stake sale will be at a 0-5% discount from the current market price. Landmark Car’s stock fell during market hours on June 22 and closed at Rs 668.75 per share on the BSE, a 1.15% drop from the previous day’s close.

The sources aware of the development said that ICICI Securities will be the sole broker for the capital deal.

The report comes three days following TPG India Investments II Inc, a subsidiary of the TPG group, offloaded its entire 2.65% stake in NBFC Shriram Finance in open market transactions for Rs 1,390 crore.

Following this development, Landmark Cars was trading 8.21% higher at Rs 716.75, against the previous close of Rs 662.40 on NSE. The counter touched an intraday high and low of Rs 719.60 and Rs 685 respectively.

The company’s net profit for Q4FY23 increased by 28% year-on-year to Rs 24.05 crore, while revenue from operations increased by 17.5% to Rs 853.79 crore.

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