 "Warburg, Temasek & JP Morgan sell 13.7% stake in CarTrade for Rs 535 cr")
Warburg Pincus, Temasek Holdings and JP Morgan Investment on Monday divested a total of 13 per cent stake in CarTrade Tech for Rs 535 crore through open market transactions.
Highdell Investment, an arm of US-based Warburg Pincus, sold the shares of CarTrade Tech while Singapore's sovereign wealth fund Temasek Holdings' affiliate MacRitchie Investments offloaded shares of the company on the BSE.
CMDB II, a private equity fund run by JP Morgan Investment Management also sold the shares of CarTrade Tech through a bulk deal on the National Stock Exchange (NSE).
A total of 6.4 million shares or 13.77 per cent stake were pared by Warburg Pincus, Temasek and JP Morgan.
According to the bulk deal data available on the BSE, Highdell Investment sold 4 million shares, amounting to an 8.66 per cent stake in CarTrade Tech. MacRitchie Investments sold 2 million shares or 4.33 per cent stake in Mumbai-based CarTrade Tech.
The shares were sold in the price range of Rs 828-828.58 apiece by the two entities on the BSE.
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CMDB II disposed of 0.3 million shares, amounting to a 0.77 per cent stake in the online auto classified platform.The shares were sold at an average price of Rs 830.27 apiece, as per the bulk deal data on the NSE.
After the stake sale, shareholding of Warburg Pincus in CarTrade Tech has declined to 8.7 per cent from 17.36 per cent, and stake of Temasek also reduced to nearly 12 per cent from 16.31 per cent stake in CarTrade Tech.
Bajaj Allianz Life Insurance Company, Societe Generale, Goldman Sachs, CLSA Global Markets, Verition Multi-Strategy Master Fund, and HSBC Global Investment Funds Asia EX Japan Equity Smaller Companies picked up a total of 28.84 lakh shares of CarTrade Tech on the BSE.
The shares were purchased at an average price of Rs 828 apiece, taking the transaction value to Rs 238.83 crore.
Details of the other buyers of CarTrade Tech's shares could not be ascertained.
Meanwhile, the Royal Bank of Scotland Plc as Trustee of Jupiter India Fund bought 0.4 million shares in CarTrade Tech at an average price of Rs 829.06 per piece, taking the deal size to Rs 40.59 crore.
Details of the other sellers could not be ascertained on the NSE.
CarTrade Tech shares fell 2.54 per cent to close at Rs 836 apiece on the NSE. The stock dropped 2.33 per cent to settle at Rs 836.95 per piece on the BSE.