Warburg Pincus Exits CarTrade Tech For Rs 375 Crore
Highdell Investment, a subsidiary of Warburg Pincus, offloaded 40.76 lakh shares for Rs 920.3 apiece.
US private equity major Warburg Pincus exited CarTrade Tech Ltd. by divesting its entire shareholding for Rs 375 crore via open market transactions on Tuesday.
Highdell Investment, a subsidiary of Warburg Pincus, offloaded 40.76 lakh shares for Rs 920.3 apiece, according to bulk deal data on the NSE. It held 8.64% equity in CarTrade Tech.
In June, the firm sold 8.66% stake for Rs 337 crore. It was among the initial foreign investors in the company and sold shares in the initial public offering in August 2021.
Cartrade Tech, which operates OLX India, is one of the country's largest online classifieds and auto auction platforms. Its online classifieds platform caters across 12 categories, including auto, real estate, mobiles, electronics and furniture, among others.
Mirae Asset Mutual Fund acquired over 30 lakh shares, or 6.4% equity, for Rs 278 crore.
Shares of Cartrade Tech closed 0.4% lower at Rs 979.30 on the NSE, compared to a flat Nifty.
Four out of the five analysts tracking the company have a 'buy' rating on the stock, while one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 0.6% and a target of Rs 982.3.
