Warburg Pincus Divests Entire 8.64% Stake in Cartrade Tech

Warburg Pincus, through its entity Highdell Investment, sold its 8.64% stake in Cartrade Tech for Rs 375 crore via an open market transaction. Mirae Asset Mutual Fund purchased a 6.4% stake in the company in three tranches for Rs 278.02 crore. Cartrade Tech shares rose 0.40% on NSE.

Highdell Investment, an entity owned by US-based private equity major Warburg Pincus, divested its entire 8.64 per cent stake in Cartrade Tech for a little over Rs 375 crore via an open market transaction on Tuesday.

Cartrade Tech is one of India's largest online classifieds and auto auction platforms. According to bulk deal data available on the NSE, Highdell Investment sold 40.76 lakh shares, equating to an 8.64 per cent stake in Cartrade Tech and valued at Rs 375.16 crore based on an average price of Rs 920.30 per share.

Meanwhile, Mirae Asset Mutual Fund acquired 30.22 lakh shares or a 6.4 per cent stake in three tranches for an aggregate value of Rs 278.02 crore, with shares picked up at an average price of Rs 920 each, as per NSE data. Cartrade Tech's shares rose 0.40 per cent to end at Rs 979.30 per share on the NSE.

(With inputs from agencies.)