TPG Capital is looking to exit its investments in auto retailer Landmark Cars by selling its about 11% stake through a block deal valued at about Rs 300 crore. The private equity firm would sell over 4.4 million shares on Friday, according to various media reports.
The stake sale will happen at about 0-5% discount against the current market price. Landmark Cars shares closed down 1.91% at Rs 663.60 on the BSE on Thursday.
ICICI Securities is the sole broker for the block deal, the reports, quoting sources, added.
This will mark TPG Capital’s exit from Landmark Cars, in which it holds 11.25% stake as of March 31, 2023.
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Earlier on Monday, TPG sold 9.92 million shares, or a 2.65% stake, in Shriram Finance at Rs 1,401 per share, valuing the transaction at Rs 1,390 crore in a block deal on the BSE. The sale was at a zero discount to market price, an indication that that the demand was strong.
On the BSE, the stock had closed up 4.89% at Rs 1,469.60 on Monday.