Highdell Investment and MacRitchie Investments Pte have initiated a block trade in CarTrade, sources have told CNBC-TV18. The block deal is valued at ₹400 crore, with an option to increase by an additional ₹100 crore. The lock-up period for this transaction is 75 days.
The total base size of the block is 10.4% of the total equity, with an upsize option extending up to 13%, people familiar with the matter said. This consists of a 7% stake sale by Highdell Investment and 3.4% by MacRitchie Investments with an upsize of 1.7% and 0.9% respectively.
The floor price for the deal is set at ₹820 per equity share, offering a 4.3% discount compared to the last closing price.
As of March 31, 2024, Highdell Investment held a 17.36% stake in the company, while MacRitchie held a 16.3% stake.
#NewsFlash | Highdell Investement & Macritichie Investments are likely to sell 7% & 3.4% equity each in Car Trade tomorrow
Sources to @VivekIyer72 pic.twitter.com/KoSQqZbA6x
— CNBC-TV18 (@CNBCTV18Live) June 23, 2024
The total base size of the block is 10.4% of the total equity, with an upsize option extending up to 13%, people familiar with the matter said. This consists of a 7% stake sale by Highdell Investment and 3.4% by MacRitchie Investments with an upsize of 1.7% and 0.9% respectively.
The floor price for the deal is set at ₹820 per equity share, offering a 4.3% discount compared to the last closing price.
As of March 31, 2024, Highdell Investment held a 17.36% stake in the company, while MacRitchie held a 16.3% stake.
First Published: Jun 23, 2024 11:01 AM IST
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