Warburg Pincus Exits India’s CarTrade Tech with $45 Million Share Sale, According to Reuters

BENGALURU (Reuters) – Warburg Pincus, a U.S.-based private equity firm, divested its entire 8.6% stake in the Indian automobile portal CarTrade Tech on Tuesday through a bulk transaction valued at 3.75 billion rupees (approximately $44.86 million), as reported by NSE data.

As of June 30, Warburg Pincus, via its unit Highdell Investment, held over 4 million shares in CarTrade, making it the second-largest shareholder in the company, according to LSEG data.

Highdell sold its entire stake at a price of 920.3 rupees per share, reflecting a nearly 6% discount compared to CarTrade’s closing price from the previous day.

Mirae Asset Mutual Fund acquired over 3 million shares at an average price of 920 rupees per share.

(Note: The exchange rate was 1 dollar to 83.5930 Indian rupees.)