WestBridge Capital Offloads Stake in IndiaMART for Rs 190 Crore, SBI Mutual Fund and Morgan Stanley Step In

WestBridge Capital sold a 1.2% stake in IndiaMART InterMESH for Rs 190 crore via open market deals. The shares were sold at Rs 2,601 each and purchased by SBI Mutual Fund and Morgan Stanley Asia. Additionally, Rajat Agrawal offloaded a 2% stake in Gravita India for Rs 191 crore.

In a significant market move, private equity giant WestBridge Capital divested a 1.2 percent stake in IndiaMART InterMESH, valued at Rs 190 crore, on Friday through open market transactions.

WestBridge Capital executed the share sale through its affiliate, WestBridge Crossover Fund LLC, via two block deals on the Bombay Stock Exchange (BSE). The shares were offloaded at Rs 2,601 each, making the deal size Rs 189.87 crore. The buyers of these shares were SBI Mutual Fund and Morgan Stanley Asia (Singapore).

Additionally, the shares of IndiaMART InterMESH saw an uptick, closing 1.25 percent higher at Rs 2,648.80 on the BSE. In a parallel development, Rajat Agrawal, a promoter of Gravita India, pared his stake by 2 percent, fetching Rs 191 crore.

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