U.S.-based private equity firm Warburg Pincus’s unit sold its entire 8.6% stake in Indian automobile portal CarTrade Tech on Tuesday through a bulk deal worth 3.75 billion rupees ($44.86 million), according to NSE data.
As of June 30, Warburg Pincus owned more than 4 million shares in CarTrade through its unit Highdell Investment, making it the company’s second-largest shareholder, according to LSEG data.
Highdell sold its entire stake for 920.3 rupees per share, a nearly 6% discount to CarTrade’s closing price on Monday.
Mirae Asset Mutual Fund purchased over 3 million shares at an average price of 920 rupees per share.
($1 = 83.5930 Indian rupees)
Reuters