Warburg Pincus exits India's CarTrade Tech in $45 million share sale

BENGALURU (Reuters) - 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 at a price of 920.3 rupees per share, a near 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)

Source: Investing.com