Latest News | Warburg Pincus Exits Cartrade Tech; Sells 8.64 Pc Stake for Rs 375 Crore

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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)