The shares of CarTrade Tech dropped over 3% as 71 lakh shares, representing 15.1% of the company’s equity and valued at Rs 588.3 crore, changed hands in block deals at Rs 828 per share on the NSE. The stock reached an intraday low of Rs 826.05, marking a decline of 3.70%.
Media reports on Sunday revealed that Highdell Investment and MacRitchie Investments Pte had initiated a block trade in CarTrade Tech. Reports indicated that the block deal was valued at Rs 400 crore, with an option to increase by an additional Rs 100 crore. The transaction included a lock-up period of 75 days.
The block deal’s total base size was set at 10.4% of CarTrade Tech’s total equity, with an upsize option extending up to 13%. This comprised a 7% stake sale by Highdell Investment and a 3.4% stake sale by MacRitchie Investments, with respective upsizes of 1.7% and 0.9%, according to sources.
The floor price for the deal was established at Rs 820 per equity share, offering a 4.3% discount compared to the last closing price, sources reported on Sunday.
As of the end of the March quarter, Highdell Investment held a 17.36% stake in CarTrade Tech, while MacRitchie Investments held a 16.3% stake.
CarTrade Stock Performance in last one year
In terms of stock performance, CarTrade Wire faced mixed results. In the last month, the stock dipped by over 7.73%. Contrastingly, the past six months have seen some recovery, with the stock experiencing positive returns of 13.65%, indicating a strong uptrend.
Year-to-date figures remained in positive territory, with gains of 14.75%. Over the last twelve months, the stock managed to maintain positive returns of 73.24%, highlighting its resilience in the longer term.
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(With Inputs)