CarTrade Tech shares drop 4.5% after major block deal

By Aditya Bhagchandani Published on June 24, 2024, 13:06 IST

CarTrade Tech shares fell over 4.5% in the morning session today following a significant block deal valued at ₹588.3 crore. About 71 lakh shares, representing 15.1% equity in CarTrade Tech, were exchanged at an average price of ₹828 per share.

Sources indicated that the block deal was worth ₹400 crore with an option to raise an additional ₹100 crore. The deal includes a 75-day lock-up period. The base size of the block was 10.4% of the total equity, with the possibility of increasing up to 13%. This included a 7% stake sale by Highdell Investment and a 3.4% stake sale by MacRitchie Investments, with potential upsizes of 1.7% and 0.9% respectively.

As of 12:40 pm, CarTrade Tech shares were trading 4.24% lower at ₹821.45 on NSE. Despite today’s drop, CarTrade Tech shares have surged over 70% in the past year, compared to a 25% rise in the Nifty 50 index.

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.