Private equity firm WestBridge Capital offloaded a 1.2 per cent stake in IndiaMART InterMESH for Rs 190 crore through open market transactions on Friday.
WestBridge Capital, via its affiliate WestBridge Crossover Fund LLC, sold shares of IndiaMART InterMESH, a leading online B2B marketplace, through two separate block deals on the Bombay Stock Exchange (BSE).
According to data available with the BSE, WestBridge Crossover Fund LLC disposed of 7.3 lakh shares, representing a 1.2 per cent stake in IndiaMART InterMESH, in two tranches. The shares were offloaded at an average price of Rs 2,601 apiece, taking the total deal size to Rs 189.87 crore.
These shares were purchased by SBI Mutual Fund and Morgan Stanley Asia (Singapore) at the same price. Shares of IndiaMART InterMESH gained 1.25 per cent to close at Rs 2,648.80 apiece on the BSE following the transaction.
In a related development, another significant block deal took place on the BSE. Rajat Agrawal, one of the promoters of Gravita India, pared a 2 per cent stake in the company, amounting to Rs 191 crore.
As per the block deal data available, Agrawal sold 14 lakh shares, representing a 2 per cent stake in Gravita India. The shares were disposed of at an average price of Rs 1,365 per piece, bringing the total transaction value to Rs 191.10 crore.
Following the stake sale, Rajat Agrawal’s shareholding in Gravita India declined to 39.35 per cent from 41.35 per cent. Consequently, the combined stake of promoters in Gravita India has reduced to 64.48 per cent from 66.48 per cent. These shares were acquired by Hong Kong-based Oxbow Capital Management at the same price.
On Friday, the scrip of Gravita India surged 11.98 per cent to close at Rs 1,541 apiece on the BSE. Gravita India is engaged in the manufacturing and recycling of lead, aluminium, and plastic products.