Capital Group Buys 3% Stake In CarTrade Tech, Mops Up Stocks Worth Rs 440 Crore

American investment and financial services firm Capital Group has bought a 3% stake in Navi Mumbai based automotive platform CarTrade Tech after buying shares worth Rs 440 crore through an open market transaction.

The company purchased more than 14.44 lakh equity shares through its affiliate SmallCap World Fund making up for a 3.03% stake in the multichannel platform CarTrade Tech, as per bulk deal data on BSE.

The shares were picked up at an average price of Rs 3,044.58 apiece, taking the transaction value of Rs 439.91 crore.

Meanwhile, global investment firm Goldman Sachs, through its three affiliates, sold a total of 10,71,379 shares, or 2.25% stake, in multi-channel auto platform CarTrade Tech at an average price of Rs 3,044.49 per share.

This took the combined deal value to Rs 326.18 crore.

Details of the other sellers of CarTrade Tech's shares could not be ascertained on the exchange.

Shares of CarTrade Tech declined 3.72% to close at Rs 3,054.50 apiece on the BSE.

In a separate bulk deal on the NSE, Amansa Capital sold nearly a 1.3% stake in music label Saregama India Ltd for Rs 95 crore through an open market transaction.

Singapore-based Amansa Capital, through its arm Amansa Holding Pvt Ltd, offloaded a little over 24.58 lakh shares, amounting to a 1.28% stake in Kolkata-based Saregama India, as per the data.

The shares were disposed of at an average price of Rs 386.58 apiece, taking the deal value to Rs 95.04 crore.

After the stake sale, Amansa Capital's equity holding in Saregama India declined to 1.48% from 2.75%.

Details of the buyers of Saregama India Ltd's shares could not be identified on the National Stock Exchange (NSE).

Shares of Saregama India climbed 4.36% to settle at Rs 397 apiece on the NSE.

(With PTI Inputs)

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